News from Member Bodies, Affiliates and Regional Accountancy Organisations
1. AICPA Asks, “What is Your Fraud IQ?”
The March issue of the Journal of Accountancy, published by the American Institute of CPAs (AICPA), includes a quiz to assess knowledge of fraud prevention. The article maintains that fraud is present in all organizations and industries so all organizations need proactive fraud prevention measures.
2. ICAEW Joins Cyber-security Initiative
The Institute of Chartered Accountants of England and Wales (ICAEW) has joined the Cyber-security Information Sharing Partnership, an effort to bring businesses and governments together to address the challenges of cyber-security. ICAEW is the first accountancy body to join the partnership.
3. Wrap Up: Accountancy Profession Focuses on International Women’s Day
In celebration of International Women’s Day on March 8, many professional accountancy organizations and accountancy firms conducted research, released reports, and hosted events on women in finance, leadership, and accountancy, including:
4. Forensic Accountants in Australia as Expert Witnesses for Opinion and Non-Opinion Testimony
Changes to the Forensic Accounting Standard inAustralia now make it clear accountants are considered expert witnesses in court when providing both an opinion and presenting non-opinion evidence. In the Black magazine, published by CPA Australia, takes a closer look to guide professional accountants on this change in expectations and rules.
5. New Research from AAT Shows Value of Apprenticeships to UK Businesses
Findings in a new report from the Association of Accounting Technicians (AAT) show that apprentices in the UK offer a significant return on investment, with economic output frequently exceeding wage and training costs.
The Value of Apprenticeships reports apprentices delivered £1.8 billion of net economic benefits to UK organizations in 2013.
6. CA Sri Lanka Launches New Initiative to Enhance Financial Structure of SMEs
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has launched a new initiative to enhance what it calls the backbone of the Sri Lankan economy—more than 30,000 small- and medium-sized entities (SMEs). The initiative will address access to financing, which CA Sri Lanka says is one of the most significant challenges for SMEs.
7. CPA Canada, Toronto Stock Exchange Prepping Companies for Environmental, Social Disclosures
A new joint publication from CPA Canada and the Toronto Stock Exchange seeks to help companies prepare for possible expansion of disclosure requirements.
A Primer for Environmental and Social Disclosures outlines key principles for environmental and social business conduct as well as mandatory disclosure requirements, voluntary reporting, industry-specific key performance indicators, and initiatives in other countries.
8. Recent Member Body Appointments and Elections
• Sherree Ebanks, CEO, Cayman Islands Society of Professional Accountants
9. Joint Initiatives Launched Among Professional Accountancy Organizations
• The Consultative Committee of Accountancy Bodies, a joint partnership between five professional accountancy organizations, has released a comprehensive international study on financial reporting for not-for-profit organizations. The study reveals substantial interest in an international standard for financial reporting for the sector.
• The Institute of Chartered Accountants in India and the Indian Ministry of Human Resource Development have signed a Memorandum of Understanding to create a new television platform. The new channel will seek to educate students on accountancy as part of the government’s National Mission on Education through Information and Communication Technology.
News from Government, Regulatory Bodies and Other International Organisations
1. FSB Issues Open Letter to G-20 on Global Financial System and Reform
The chair of the Financial Stability Board (FSB) recently issued a
public letter to the G-20 ministers and governors on financial reform. The letter discusses what still needs to be done to reform and stabilize the global financial system and what is needed to create an open, integrated global financial system. The G-20 finance ministers and central bank governors met in Sydney, Australia in February 2014,
endorsing a common reporting standard for tax to enhance transparency and reduce opportunities for tax avoidance.
2. New SME Finance Portal Launched in the UK
A new portal has been launched by non-bank funders in the UK to help small- and medium-sized entities (SMEs) find financing. The website, http://alternativebusinessfunding.co.uk/, allows banks to refer businesses they can’t support, or can’t support fully, to more appropriate sources of funding.
3. Malaysia’s Public Accounts Committee Praises Upcoming Adoption of Accrual Accounting
Nur Jazlan Mohamed, chair of the Malaysian Public Accounts Committee, publically praised accrual accounting, which Malaysia is set to adopt January 1, 2015. Mr. Mohamed cited improved transparency and cutting waste as two of the key benefits of International Public Sector Accounting Standards for Malaysia.
4. Profiles: Influential Economic Minister behind Argentina’s Economic Shift
Argentina’s economy minister, Axel Kicillof, has emerged as the face of economic policy shifts in Argentina and reportedly wields significant influence in many areas while President Cristina Fernández de Kirchner recovers from ongoing medical issues.
5. US NASBA Seeks Accountancy Education Research Proposals
The US National Association of State Boards of Accountancy (NASBA) is seeking accountancy education research proposals. NASBA is especially interested in proposals on the impact of work and internship experiences on CPA exam candidates and barriers to entering the profession, among other topics.
6. New Report on Oversight Available from Dutch Regulatory Body
A new report on good oversight has been published by the Dutch Consultation Forum of Regulatory Bodies, a collaboration between seven Dutch financial bodies.
Criteria for Good Oversight provides an assessment framework for oversight and regulatory activities.
7. FSC Announces Financial Policy Plans for Korea in 2014
The financial policy direction for South Korea in 2014 has been announced by the Financial Services Commission of Korea (FSC). The FSC has set three policy goals, including market discipline, stability of the financial system, and strengthening the financial industry’s competitiveness.
8. Structure Review in the Works for IFRS Foundation in 2015
The International Financial Reporting Standards (IFRS) Foundation will be reviewing its structure in 2015 in an effort to maintain relevance with the evolving standard-setting scenario. The IFRS Foundation will reportedly consider outreach and stakeholder engagement, a constitutional review, the size of the International Accounting Standards Board, and the possible end of its convergence program.
9. Global Fund Seeks Audit Committee Member
The Global Fund to Fight AIDS, Tuberculosis, and Malaria (Global Fund) is looking for an external, independent member of its Audit and Ethics Committee. A description of the position and requirements, along with application details, is available on the
Global Fund website. The Global Fund is an IFAC partner in the
MOSAIC (Memorandum to Strengthen Accountancy and Improve Collaboration) initiative.
10. Auditor General of Kenya Seen as the Corruption Cop
The Auditor General of Kenya, Edward Ouko, is waging a war on corruption in Kenya. Mr. Ouko says that empowerment and accountability are his key weapons.