In Singapore, every registered company is required to file financial statements and have their statements and accounting records officially audited every year, unless they are exempt from audit. Companies who need to comply with auditing standards must use a public accountant registered with the Accounting and Corporate Regulatory Authority (ACRA) in order for the audits…
BDO and Grant Thornton are both reportedly considering not pitching for shared audits The government’s managed shared audits plan for FTSE 100 companies has been met with queries from two of the largest challenger firms. Both BDO and Grant Thornton are considering not pitching for shared audits, resulting in the possibility of FTSE 100 companies being unable to find smaller…
The resignation follows concern over accounting firms over the robustness of the control environment at the company Integrated Diagnostics Holdings (IDH), a consumer healthcare company, has revealed that KPMG will resign as auditor of the company when its present term of office expires. The resignation follows concerns by the accounting firm over the “robustness of the control environment”…
Continuous Auditing and Monitoring Continuous Auditing (CA) and Continuous Monitoring (CM) are automated feedback mechanisms used respectively by Internal Audit or Management to monitor IT systems, transactions and controls on a frequent or continuous basis, throughout a given period. Companies who deploy Continuous Auditing (CA) can leverage technology to more efficiently analyze risk data on…
Audit committees need to be active now, providing strong governance for robust implementation The new financial instruments standard IFRS 9 Financial Instruments becomes effective in a matter of months, and critical accounting judgments will soon need to be made. Estimating expected credit losses (ECL) is perhaps the single most significant change in banks’ financial reporting. As part of their…
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