Audit & Assurance

3 July 2018

IFRS 15: What will be different for users of financial statements?

IFRS 15: What will be different for users of financial statements?

IFRS 15 replaces all previous revenue requirements in IFRS (mainly IAS 11 Construction Contracts, IAS 18 Revenue, and related IFRICs IFRIC/SIC) and applies to all revenue arising from contracts with customers, unless the contracts are in the scope of other standards, such as IAS 17/IFRS 16 “Leases”. 

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30 April 2018

Accounting professional judgement

Accounting professional judgement

The professional public accountant has the purpose to satisfy society’s needs through the financial information for decision-making.

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16 April 2018

3 Challenges for Audit & Assurance market

3 Challenges for Audit & Assurance market

In an increasingly competitive market, with fewer audited companies and more competitors, the major challenges are to raise awareness of the quality of our services and to be able to attract and create more talented teams and put more state-of-the-art technology in use.

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1 March 2018

Internal control

Internal control

In 2004, the Committee of Sponsoring Organizations of the Treadway Commission published the Enterprise Risk Management - Integrated Framework, which has been reviewed over time (the last review, COSO III, dated back to 2013).

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15 November 2017

Importance of Internal Control in Audits of Small and Medium Entities

Importance of Internal Control in Audits of Small and Medium Entities

Internal control is closely linked to the organization and administration of business entities, whatever their size or condition.  In this sense, the organization consists of logically and coherently diagramming the transactional flows of the entity, based on the general layout, objectives and control parameters that will shape the structure of the company and on which the other component parts will depend (materials and humans). 

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14 June 2017

IFRS 16 Leases - Impact of implementation compared with existing standards

IFRS 16 Leases - Impact of implementation compared with existing standards

The new standard IFRS 16 for lease accounting was released on 13 January 2016 by IASB together with the US standard FASB. The history of the development of IFRS 16 goes back to 2006. The new regulations replace the previous standard IAS 17, the related interpretations IFRIC 4, SIC 15 and SIC 27.

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15 February 2017

TOWARDS MINIMUM AUDIT RISK

TOWARDS MINIMUM AUDIT RISK

With the new information available in a highly automated world, the audit will place its greatest focus on risk, failing to conduct sampling testing to analyze up to 100% of the data. Everything suggests that companies will have better and faster quality reports, even in real time.

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2 May 2016

New European regulation in the Auditing sector: amendments

New European regulation in the Auditing sector: amendments

The main amendments included in the new rules in Directive (2006/43/EC) will come into force on 17 June 2016.

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18 April 2016

The two sides of the "Panama Papers"

The two sides of the "Panama Papers"

Some of the questions any citizen would ask on seeing the recent press uproar surrounding the so-called “Panama papers" are: What benefit does having a company in Panama involve? What is a tax haven? Is Panama a tax haven?

A tax haven is a territory with low or zero taxation, and which also implements the preservation of banking secrecy which does not allow the beneficial clients of banks accounts and companies to be identified, facilitating money laundering.

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11 April 2016

New European standards in the Auditing sector

New European standards in the Auditing sector

As a result of the financial crisis in recent years, it became clear that certain financial aspects, as well as the supervision thereof, were not functioning as was expected.

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15 December 2015

The advantages of collaboration through alliances

The advantages of collaboration through alliances

There are many challenges affecting accountants and accounting practices. Technology, globalization, regulation, and attracting and retaining talent are some of the more significant challenges that small- and medium-sized practices (SMPs) are having to address. A Forbes article, "The Biggest Concerns Of Small Accounting Firms," cited the results of a survey of managing partners from 301 of the smallest SMPs.

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3 November 2015

Accountants and public interest

Accountants and public interest

Accountants and managers of financial information are professionals within national and international organizations whose statutes and strict codes of ethics point out the public interest of their functions. In Spanish accountants' case, gathered into the Institute of Chartered Accountants of Spain, we are part of the International Federation of Accountants (IFAC), composed by almost three million professionals worldwide.


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8 September 2015

ISAs in Colombia

ISAs in Colombia

Nowadays the world is dabbling in a globalized economy with continuous change, for that reason the Congress issued Law 1419 in 2009, with the aim of standardizing the criteria for the presentation of financial information and facilitating their analysis and understanding.


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