Новости

IAASB further strengthens standard on using work of internal auditors; addresses use of direct assistance

In follow-up to its 2012 release of stronger standards dealing with the external auditor’s use of an internal audit function’s work, the International Auditing and Assurance Standards Board (IAASB) issued new requirements and guidance that address the auditor’s responsibilities if using internal auditors to provide direct assistance under the direction, supervision, and review of the external auditor for purposes of the audit (“direct assistance”).

IESBA strengthens key sections of Code of Ethics for Professional Accountants

The International Ethics Standards Board for Accountants (IESBA) released strengthened provisions in its Code of Ethics for Professional Accountants (the Code) to address conflicts of interest and a breach of a requirement of the Code. It also released amendments to the definition of the term “engagement team” in the Code.

FRC responds to Competition Commission’s preliminary report on the statutory audit services market

The Financial Reporting Council has today published its response to the preliminary findings of the Competition Commission’s investigation into the statutory audit services market.

COSO slates new framework reveal for May 14

The Committee of Sponsoring Organizations (COSO) has given final approval to the newly revised Internal Control – Integrated Framework: 2013, but companies will have to wait until May 14 to get a copy.

New types of deposits coming to Russia

The Deposit Insurance Agency of Russia is proposing to spread the currently effective deposit protection system onto metal accounts (accounts with precious metals). As for payments on joint deposits - no matter how many people participate, payments on such accounts will be limited by the upper limit of 700 thousand roubles. Those were the ideas expressed by the deputy chief of the DIA’s expert and analytical council.

The Korean experience with IFRS adoption

The Korean Accounting Standards Board (KASB) has released a report on the lessons learned from Korea's adoption of International Financial Reporting Standards (IFRS). The report outlines the history of Korea's adoption of IFRS, the steps undertaken in preparation for and during the transition to IFRS, and recommendations for other countries considering adopting IFRS.

IAASB further strengthens standard on using work of internal auditors; addresses use of direct assistance

In follow-up to its 2012 release of stronger standards dealing with the external auditor’s use of an internal audit function’s work, the International Auditing and Assurance Standards Board (IAASB) today issued new requirements and guidance that address the auditor’s responsibilities if using internal auditors to provide direct assistance under the direction, supervision, and review of the external auditor for purposes of the audit (“direct assistance”).

Minfin of Russia decided who will be in charge of accounting standards for small business entities

Not long ago it was decided that accounting standards for small businesses in Russia will be defined by a separate group of financial experts. Today the Ministry of Finance published a Regulation concerning this group.

Trustees announce membership of ASAF

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), announced today the inaugural membership of the Accounting Standards Advisory Forum (ASAF). The ASAF will serve as a technical advisory body to the IASB and will consist of various members of the global accounting standard-setting community. The Trustees will review the ASAF and its membership after two years.

Auditors who check IFRS accountancy will be inspected in the first place

This week the Ministry of Finance of the Russian Federation published a protocol for the recent meeting of the Audit Council which took place on 5 March 2013. Although not particularly useful from the point of view of information it contains, this document stipulates basic principles, according to which the Federal Service of Financial and Budgetary Oversight (aka “Rosfinnadzor”) will be given recommendations to plans its inspections of audit companies for 2014.