The biggest challenges facing small- and medium-sized accounting practices (SMPs) worldwide are complying with regulations and standards and attracting new clients, according to the 2014 IFAC® Global SMP Survey. Conducted annually, the Global SMP Survey provides unique insights into the challenges and opportunities facing SMPs around the world. “IFAC is committed to building the capacity…
The International Auditing and Assurance Standards Board® (IAASB®) today released proposals to enhance auditor reporting on special purpose financial statements. The Exposure Draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or…
Increasingly stringent regulatory environments are driving a stronger focus on identifying, measuring, and managing risk exposure. Managing vast amounts of data is a crucial component in the accurate assessment of risk, and is one of the top reasons why big data risk management is stealing the headlines today. Jayson O’Reilly, director of Sales and Innovation…
But confidence in growth of their companies remains steady US has overtaken China as top target for growth for the first time in five years Fewer CEOs than last year think global economic growth will improve over the next 12 months, though confidence in their ability to achieve revenue growth in their own companies remains…
The dramatic collapse of the oil price during the final quarter of the year was probably the most important macro-event of 2014. Oil fell from $91/barrel at the start of the fourth quarter to $55 at the end of the year. It fell further in the first two weeks of 2015 to around $48/barrel. Since…
The enterprise resource planning (ERP) market is evolving at a rapid pace as a result of technology innovation. At the same time, most businesses are changing themselves as they try to keep up with the frantic pace of business in the digital era. That means that you should always be keeping a close eye on…
Going into a new year, there are a few things that those who prepare financial statements need to keep in mind. Here are my top 5: 1. The new standards applicable for the year that affects your financials A number of amendments to standards became effective in 2014, either from 1 January or 1 July…
What is integrated reporting assurance all about? By Mark Hoffman Following the gathering momentum behind the integrated reporting initiative, it was not long before the debate regarding how to go about obtaining the necessary assurance over integrated reporting ensued. The International Integrated Reporting Council (IIRC) in August 2014 released an insightful discussion paper entitled “Assurance…
“In the long run I believe the cloud is here to stay.” Although there has been a trend towards cloud services over the past years both locally and internationally, there is a part of me that wonders if it is just a fad we are caught up in or if it is really here to…
Management as an art, not a science, particularly in today’s dynamic workplace, writes Anthia Falekkos One of the many definitions of a manager is a “person who is responsible for controlling and administrating an organisation or group of staff”. This definition in the current workplace and economy describes a role that is redundant. The new…