The International Auditing and Assurance Standards Board (IAASB) has previously released implementation guide for new quality management frameworks. They apply to the ISQM 1 and ISQM 2, but the same framework also includes the updated 2020 version of ISA 220 Quality Management for an Audit of Financial Statements. A new guide has been released for this standard.
Organizations continue to face rapid change in the face of COVID-19, climate change, and technological innovation. The role of the finance function and its skill set are closely linked to this transformation.
The pandemic, which has been going on for more than two years, is erupting again in another wave. Different countries experience it in their own way, but for the United States, the new Omicron strain has become a big problem, including the burden not only on the health care system, but also on the economy as a whole. That is why influential organizations and associations are asking regulators for penalty relief under such conditions.
A survey of heads of internal audit services of the US companies showed that the positive changes in corporate governance in the United States, which began in 2020, slowed down or stopped due to COVID-19. The effectiveness of public companies decreased last year, as the effects of the pandemic offset all the achievements of previous years.
The ACCA is calling for more ambitions policies to achieve net zero emissions by 2050.
The Center for Audit Quality (CAQ), an organization affiliated with the AICPA, has announced the launch of a strategic initiative to increase the profession’s diversity, equity and inclusion.
The International Auditing and Assurance Standards Board (IAASB) has issued a package of accompanying adjustments to existing quality management standards, needed due to the release of the final version of three important standards on this issue in late 2020. These are ISQM 1, ISQM 2 and ISA 220.
Global economic growth continues, but at a more modest pace than in mid-2021. This conclusion is based on data from the Q4 Global Economic Conditions Survey (GECS) conducted by the ACCA and the Institute of Management Accountants (IMA). According to the surveyed finance professionals, COVID-19 and rising inflation in 2022 are the main risks to the economic situation.
The Organization for Economic Cooperation and Development (OECD) has presented an updated version of its Transfer Pricing Guidelines for Multinational Enterprises and Tax Authorities.
The International Public Sector Accounting Standards (IPSASB) has issued traditional Improvements to IPSAS 2021. They were approved at the final meeting in December.
The Association of Chartered Certified Accountants (ACCA) conducted a global study Climate Action and the Accountancy Profession: Building a Sustainable Future among 3,000 representatives of the public and private sectors, large and small organizations. Only 15% said that their organizations have set targets to achieve net zero greenhouse gas emissions by 2050. 38% said that the companies they work for are ready to invest much more in addressing climate change over the next three to five years.
The International Accounting Standards Board has presented the final version of the amendments to the transition requirements in IFRS 17, which were pointed out by many compilers.
The International Federation of Accountants (IFAC) shared its vision for the assurance of sustainability information. This position is based on long-term observations of world best practices and takes into account the need for global standards, clear regulation that ensures business decision-making by users of sustainability reporting and the value of an interconnected approach to sustainability and financial information reporting and assurance.
The Technology Working Group of the International Auditing and Assurance Standards Board (IAASB) has released non-authoritative support material to help auditors who use modern automated tools in their work.
