Following the release of the Financial Markets Authority (FMA) New Zealand 2018 Audit Quality Monitoring Report, this podcast episode explores the key findings in the report for 2018 and the focus areas for 2019 quality reviews. Jacco Moison, Manager of Auditor Oversight at the FMA, discusses the trends the FMA is seeing in relation to audit quality and highlights that auditors need to address both the FMA’s findings and their own internal reviews through root cause analysis and action plans. The FMA’s findings raise matters which all auditors can consider in their own practice, including how they use management’s experts and audit accounting estimates. Jacco is in conversation with Claire Grayston, CPA Australia’s Policy Adviser on Audit and Assurance.
The Australian Accounting Standards Board (AASB) is proposing to eliminate the ability to prepare special purpose financial statements (SPFS) for publicly lodged financial statements where compliance with Australian Accounting Standards is claimed. In this podcast episode, you’ll hear from David Hardidge, Technical Director at the Queensland Audit Office, as he explores the ramifications of these proposals, and explores some options for the way forward. David is in conversation with Ram Subramanian, Policy Advisor in Reporting at CPA Australia.
In this podcast, we hear from Prof. Michael Davern, one of the academics who was part of the team that undertook this important study. Prof. Davern talks about the story behind the study, the key findings and what it means for the future of financial reporting.
A discussion with Siva about the AASB Interpretation published last year that could have an impact on tax accounting for some corporates. The discussion will focus on the accounting and disclosures for certain tax treatments that may arise from applying AASB Interpretation 23, and what entities will have to do in preparation to comply with these requirements. The discussion will also consider some wider implications including how these requirements might impact on the regulatory approach of taxation authorities including the Australian Taxation Office.
The UnderstandingSuper team has been developing different ways to improve financial literacy in the field of superannuation. They’ve created a series of simple to understand videos and interactive activities, housed within a free app and website, that aims to help people better understand super. Meet the team behind the UnderstandingSuper app, hear about their passion to make super more accessible and why CPA Australia is proud to support them.
In this podcast, Steve Hui CPA, Founder and Chief Executive of iFLYflat discusses his transition from a corporate accounting career to entrepreneurship. Steve (aka the points whisperer) explains how he developed an industry first travel solution, helping companies to collect more reward points and save up to $250,000 on their business travel.
Thea and Adrian discuss current corporate insolvency surveillance priorities and outline the implications of recent and foreshadowed insolvency law reform. Adrian reflects on his tenure as Senior Executive Team Leader, and both he and Thea provide valuable insight into the economic and market significance of effective insolvency law administration.
Guests: Thea Eszenyi (Senior Executive ASIC Insolvency Practitioner Team) and Adrian Brown (Senior Executive ASIC Phoenix Taskforce)
Excel is a valuable tool in the professional world and a must-have for accountants. Learning your way around Excel keyboard shortcuts is a great way to master the platform and a neat way to improve productivity. We chat to Excel Expert Neale Blackwood CPA, who has more than 20 years’ experience using and writing about Excel for accountants
This episode examines a series of ARC Linkage Grant funded projects which investigated the early evolution of integrated report including its relationship with changing expectations of corporate behaviour and reporting, along with exploring challenges and opportunities posed for audit and assurance.
A discussion with Douglas Niven, Senior Executive Leader at ASIC about the recently released financial reporting focus areas. The discussion will also cover ASIC’s findings from its financial report surveillance program.
The Financial Markets Authority’s Audit Quality Monitoring Report for 2016-2017 identifies areas for improvement in audits by NZ’s licenced auditors. Jacco Moison, Manager of Auditor Oversight at the FMA, discusses the key findings with Claire Grayston at CPA Australia and identifies actions auditors can take to improve audit quality. Jacco also explains what others, including directors and audit committees, can do to support audit quality.
Social enterprises will be explained with guest David Shires, Director, Capacity International. Also discussed will be how accountants skills to can assist them to progress and develop. Importantly the discussion will cover how working with Social Enterprises can offer significant benefits to members such as obtaining new clients, to give back for social good and to engage with social entrepreneurs in the latter stages of a career.
A discussion with Jason Cassas and Peter Kidd (Grant Thornton Australia) about the legislation and recently issued guidance by the ATO that requires certain taxpaying entities to lodge General Purpose Financial Statements with the ATO. The discussion will focus on the legislative requirements, the underlying reasons for the legislation and how the ATO sees the legislation being applied in practice, as set out in the ATO guidance.
A discussion with Melville Yates, the director or reporting and red tape reduction at the ACNC about the recently issued 2017 Annual Information Statement. The podcast provides an overview of the information that is requested through the revised AIS, what the changes are and what the ACNC’s expectations are when charities complete and submit the AIS.
With the occurrence of financial abuse only increasing, it is vital to ensure that your practice is not only aware of potential instances of abuse but also is prepared to deal with them. This podcast will highlight the importance of increasing your understanding of this issue and offer some simple tips on how to implement policies within your practice.
Host: Richard Blakeman FCPA, Retired, Victorian Divisional Councillor - CPA Australia
Guest: Stephen Jones FCPA, Partner, ATM Consultants Pty Ltd
Guest: Anna Tantau CPA, Senior Manager, SEIVA Business
Today's CPA Australia Podcast will explore ethical dilemmas and the implications of directors' duties with Dr John Purcell FCPA, Policy Adviser ESG at CPA Australia. His guest today is Niamh Brennan, Michael MacCormac Professor of Management at the University College of Dublin.
Part 1 of a 7 part podcast series with Jason Cunningham, CPA about The 7 Key Ingredients of Business Success which is based on Jason’s book Have Your Cake and Sell it too. Today’s topic will explore how strategy plays a part in how to create a successful business including discussing what is strategy and how to create a strategic plan.
A discussion with Melville Yates, the director for reporting and red tape reduction at the ACNC about the recent achievements of the ACNC in red tape reduction. The discussion considers recent changes to laws and regulations in some States and Territories that will result in more streamlined compliance requirements for charities and other NFPs. We also consider the future plans of the ACNC as it continues to work towards fulfilling its objective of reducing red tape for charities.
Craig Blair, who is responsible for oversight of SMSF Auditors at the ATO, talks to Claire Grayston at CPA Australia about the ATO’s SMSF auditor compliance program findings for the 2016-2017 year. Craig discusses the outcomes from the ATO’s focus on low cost auditors and sole practitioners who provide both tax advice or accounting services to SMSFs as well as the audit. He also identifies the ATO’s focusses for 2017/2018, how the ATO is identifying high risk auditors and highlights ways in which the ATO are seeking to work co-operatively with SMSF trustees and their auditors. The recent Super changes present new risks for SMSF auditors, including low cost SMSF audits that are seen as high risk by the ATO and may trigger an inspection. Craig explains what auditors need to look out for in their 30 June 2017 year end audits.
Host: Claire Grayston, Policy Adviser - Audit & Assurance, CPA Australia
Guest: Craig Blair, Director - Superannuation, ATO
Chair of the Black Economy Taskforce, Michael Andrew, talks with CPA Australia following the release of the taskforce’s interim report which is now out for comment. The black economy refers to people who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations. Participation in the black economy penalises honest taxpayers, undermines the integrity of Australia's tax and welfare systems and creates an uneven playing field for the majority of small businesses doing the right thing. As the economy changes in nature towards being a more services based economy, the Taskforce is reporting seeing an acceleration in the Black Economy with significant ramifications for the broader tax system.
Doug Niven at the Australian Securities and Investment Commission talks to Claire Grayston at CPA Australia about ASIC’s audit inspection findings for the 18 month period to December 2016, released in June 2017. Doug highlights ASIC’s key findings on audit files and firms’ quality control systems, which identifies the areas which firms can focus on in order to improve audit quality. He explains which firms are inspected, ASIC’s own quality processes and how ASIC’s findings are reviewed prior to release. He also identifies initiatives for firms to improve audit quality and the work being done internationally on tackling audit quality
Host: Ram Subramanian, Policy Adviser on Reporting, CPA Australia
Guest: Doug Niven, Senior Executive leader, Financial Reporting and Audit, ASIC
Doug Niven at the Australian Securities and Investment Commission talks to Ram Subramanian at CPA Australia about ASIC’s focus areas for the financial report surveillance program for 30 June 2017 financial reports of listed entities and other entities of public interest. Doug discusses in detail the reason for ASIC’s key focus areas and how companies can respond to these focus areas, which include impairment testing, revenue recognition, expense deferral, off-balance sheet arrangements, tax accounting, disclosure of estimates and accounting policies and the impact of the new accounting standards. Doug also talks about industry focusses, digital disruption, enhanced auditors reports, client monies and the operating and financial review.
Host: Claire Grayston, Policy Adviser on Audit & Assurance, CPA Australia
Guest: Doug Niven, Senior Executive leader, Financial Reporting and Audit, ASIC
Doug Niven at the Australian Securities and Investment Commission talks to Claire Grayston at CPA Australia about ASIC’s audit inspection findings for the 18 month period to December 2016, released in June 2017. Doug highlights ASIC’s key findings on audit files and firms’ quality control systems, which identifies the areas which firms can focus on in order to improve audit quality. He explains which firms are inspected, ASIC’s own quality processes and how ASIC’s findings are reviewed prior to release. He also identifies initiatives for firms to improve audit quality and the work being done internationally on tackling audit quality.
An overview of the new accounting standard for insurance contracts, how this will affect the insurance industry and the global capital markets.
Continuing the focus on the July 2017 super changes, what are the implications for transition to retirement income streams and reversionary pensions?