IFRS Foundation publishes IFRS Taxonomy 2018
The IFRS Foundation has today published IFRS Taxonomy 2018, which includes a number of updates to the IFRS Taxonomy 2017.
4 new opportunities blockchain could create for auditors
/Market Updates, Regulatory News /by hussainIn case you haven’t heard, blockchain technology has the potential to change the auditing profession. A new whitepaper co-authored by the American Institute of CPAs details what opportunities could emerge for auditors.
What does the future hold for listed accountancy firms?
/Market Updates, Regulatory News /by hussainIt was back in the early 2000s that the listed accountancy consolidator appeared on the scene in the form of Tenon, Numerica and Vantis. So why would firms consider listing on a stock market or taking external investment?
Using data analytics in forensic investigations
/Market Updates, Regulatory News /by hussainThe use of traditional data analytics continues to gain traction in the world of auditing to identify the patterns and trends indicative of fraud; however, these tactics may simply not be enough anymore. Looking beyond traditional analytics to the analysis of unstructured data may help paint a clearer picture and uncover a wealth of evidence that could have gone undetected with traditional analytics. When faced with disparate information systems or spotty evidence, the analysis of unstructured data can be especially helpful.
How to Manage Cyber-Whistleblower Risk
/Market Updates, Regulatory News /by hussainCompanies should pay specific attention to risks arising from the increasingly common whistleblower complaints regarding data breaches and cybersecurity. Public companies increasingly are confronted with whistleblower complaints regarding data breaches, cybersecurity vulnerabilities, and related internal control deficiencies.
SEC considers amending auditor independence rules
/Market Updates, Regulatory News /by hussainComplexity and consolidation may have created a global market environment in which truly independent auditors are impossible to find.
That’s the conundrum that is quietly under examination at the Securities and Exchange Commission, and it may lead to some new slack in auditor independence rules.
The Fresh Prince of AI: Hollywood star Will Smith speaks at the Cayman Alternative Investment summit, sharing the spotlight with KPMG’s robotics and artificial intelligence capabilities
/Market Updates, Regulatory News /by hussainArtificial intelligence and Will Smith sound like a recipe for a ‘Men in Black’ movie, however this was no Hollywood film, but an Alternative Investment conference sponsored by KPMG in the Cayman Islands, with a focus on robotics and AI.
The 2018 annual Cayman Islands Alternative Investment Summit (CAIS) was held on Thursday and focused on ‘the rise of alternative investments in a digital age’. In addition to KPMG’s sponsorship, Anthony Cowell, KPMG in the Cayman’s Head of Asset Management chairs the summit’s Editorial Board and the firm used the event to showcase its artificial intelligence and robotics expertise to clients
Accountants Must Help Companies Fight Systemic Cyber-risks
/Market Updates, Regulatory News /by hussainThe Accounting Policy & Practice Report ® provides financial accounting policymakers, advisors, and practitioners with the latest news, expert insights, and guidance on emerging, evolving.
Sarbanes-Oxley increased audit costs even for firms not under the regulation, study finds
/Market Updates, Regulatory News /by hussainAs a response to accounting and corporate scandals of the 1990s, the Sarbanes-Oxley Act of 2002 led to a greater demand for auditing services, even for companies that did not fall under the purview of the new rules, according to a recent study that includes a University of Kansas researcher.
What tax reform means for audit committees
/Market Updates, Regulatory News /by hussainAny new development that has a significant impact on company financial statements and risk profiles requires serious attention from audit committees.
One such development is the enactment of P.L. 115-97, known as the Tax Cuts and Jobs Act. Depending on the company, the law may result in changes in cash flow and liquidity, new business opportunities to evaluate through effective enterprise risk management, and new company strategies.
