On June 10, 2020 the IAASB will host a webinar on the Public Consultation on Proposed Guidance: Extended External Reporting (EER) Assurance. In this 90-minute webinar Lyn Provost, IAASB Member and Chair of the EER Task Force, will explain:
The rapid rise of cryptocurrencies and assets and the enabling blockchain technology has led to significant international interest and scrutiny by businesses, accountants, regulators, governments, investors and a multitude of others.
For the accountancy profession, there is increasing focus on the accounting and control implications associated with the crypto space.
These are challenging and tough times. Our lives have changed, both personally and professionally and the world around us has come to a standstill, impacting national and global economies.
The African continent was, for a brief time, thought to have avoided the spread of the coronavirus. As the number of cases on the African continent has grown, many governments are taking steps to limit the spread of the disease, including closing of non-essential businesses, issuing lockdowns and curfews, and enacting other preventive measures to enforce social distancing.
The focus on auditor’s reports has increased in the current environment as investors and other users of financial statements seek greater transparency from entities around the impacts of Covid-19 in the financial statements, as well as greater transparency into the audit.
The pandemic environment has led to measures such as social distancing which have changed the way that auditors and their clients perform their work. The environment is also significantly changing the economic realities for many entities and the change is continuing. Auditors need to be ready to react, while ensuring they maintain a commitment to audit quality and adherence to professional standards.
The COVID-19 pandemic has far reaching implications, with many people still comprehending and adjusting both personally and professionally. For the audit profession, the increased complexities of financial statement reporting and related risks and uncertainties, coupled with a rapid shift to virtual business operations and controls, have significantly challenged the delivery of audit engagements and necessitated virtual audits. But while much has changed, the commitment to audit quality and professional standards has not.
Earlier today the International Federation of Accountants released their latest “Point-of-View” (POV): Embracing a People-Centered Profession.
The new publication explores the connection between the people in the accountancy profession, the core components of the profession (education, professional judgment, ethics, values) and the profession’s commitment to the public interest.
“Our new POV focuses on the human aspect of our profession,” said Kevin Dancey, IFAC CEO. “Through this lens, we address issues such as gender equality, diversity (both of individuals and skills), work-life balance, mental health, and lifelong learning. While many of the views expressed are not new, IFAC believes it is important to set out a clear message as the global voice of the accountancy profession.”
In the POV, IFAC offers insights and guidance on how firms, organizations and PAOs can better understand and appreciate the benefits and challenges of a profession made up of individuals.
IFAC also examines the relationship between a strong focus on “human capital” and the ability to attract, challenge, and retain talented people throughout their careers.
“Events like the COVID-19 pandemic remind us that ours is a profession powered by individuals,” Dancey continued, “Individuals with their own talents, backgrounds, aspirations and challenges. Recognizing and appreciating the individual characteristics of professional accountants helps foster an environment where trust and judgment can thrive, and it is fundamental to the continued relevancy of the profession.”
To read the new POV, visit the IFAC Website here.
Director, Governance Global Practice, World Bank
Ed Olowo-Okere, a Nigerian national with three decades of experience working on governance issues around the world, leads the World Bank’s Public Sector and Financial Management team in the Governance Global Practice. This group is focused on helping countries build capable, effective, accountable, transparent, and inclusive institutions that deliver citizen-centric services, facilitate private-sector growth, and build trust in Government. The group provides expertise on governance issues, ranging from public financial management, domestic resource mobilization, state-owned enterprises reform/ corporate governance, public institutions reform, decentralization/subnational governance to anti-corruption policies, fiduciary assurance, political economy analysis and GovTech (i.e. leveraging technology to modernize the public sector and improve service delivery to citizens and business, and increase efficiency, transparency and accountability).
Mr. Olowo-Okere joined the World Bank in 1998 and has held various positions in operations, including Director of Governance overseeing Africa, MENA and ECA regions, Senior Advisor in the Equitable Growth, Finance and Institutions practice group, and Director of the Core Operational Services Department in the Africa region. Before joining the Bank, Ed held public- and private-sector positions in Nigeria, Britain, and New Zealand.
