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?

From 1 July 2017, there will be a $1.6 million cap on the total amount of accumulated superannuation an individual can transfer into the tax–free retirement phase.  What are the implications for SMSFs with regard to segregation of assets and CGT relief?

From 1 July 2016, all accountants are required to be covered by an AFS licence to give financial advice about SMSFs.  During 2017 ASIC will be undertaking surveillance of accountants both licensed and unlicensed to test accountants compliance with the new obligations.

This video podcast will discuss the following topics such as what are the new and emerging technical skills that NFP Boards will be considering as part of their skills matrix over the next 5 years. Also as a CPA who has excellent financial skills, what other skills should I consider developing to make myself ready to join a NFP Board?.

Also how many NFP Board Directors are sitting at the table on a voluntary basis. How can NFPs attract and retain highly-skilled Directors?. What is the leadership required on the Board to keep Directors engaged and therefore enhance Board performance? And finally if NFPs remunerate Directors, will this enhance Board accountability, engagement and effectiveness?

The IAASB’s new auditor reporting requirements commence in December 2016. Standard setters in many jurisdictions, including Australia and New Zealand, have issued the new requirements with the same effective date, whilst others have committed to issue the standards but have not yet done so. The UK have had similar requirements in place since 2013 and some firms in other countries have early adopted the IAASB’s  requirements. Jim Sylph, Co-chairman of the IAASB’s Auditor Reporting Implementation Working Group, and Merran Kelsall, IAASB member and AUASB Chairman spoke to CPA Australia about the uptake and impact of enhanced auditor reporting around the globe.

After the release of the FMA’s Audit Quality Monitoring Report for 2015/2016, Senior Advisor at the FMA, Jacco Moison, speaks to Claire Grayston at CPA Australia about the key findings from the Audit Quality Reviews. Jacco explains what auditors can do to address the areas for improvement identified in the report and the part directors can play to support audit quality. Access FMA 2016 Audit Quality Monitoring Report

KPMG were the first of the early adopters of enhanced auditor reporting in Australia. Having now issued enhanced auditor’s reports for a second reporting period, KPMG partners, Carolyn Ralph and Cameron Slapp, spoke to CPA Australia about their experience of implementing the new requirements. This podcast explores why KPMG chose to early adopt, whether they have found the new approach beneficial, how time consuming drafting key audit matters has really been and whether investors have taken notice. Leading into the first mandatory reporting period end, KPMG’s tips on implementation will help other auditors, who are implementing the new requirements for the first time, prepare for the change of approach.

A brief discussion to discuss the regulator’s views on the three new accounting standards (financial instruments, revenue and leasing) that become effective in the near future.

Professor Miklos Vasarhelyi , leading researcher in data analytics and a widely published professor on the topics of continuous audit, data analytics and big data, speaks to CPA Australia on whether data analytics is fundamentally transforming the audit or if it is just a new means of gathering the same evidence as in the past. Prof. Vasarhelyi talks about how data analytics is shaping the future of audit and how auditors need to embrace that future. Miklos is KPMG’s Distinguished Professor of Accounting Information Systems at Rutgers University Business School in Newark & New Brunswick in the US, and Director of Rutgers’ Accounting Research Centre and Continuous Auditing and Reporting Lab. Miklos has been a pioneer of continuous auditing, having developed the original continuous audit application, and is a leading academic in developing and promoting data analytics.

A brief discussion of some of the key features of IFRS 16 and some of the practical issues surrounding its implementation.

A brief discussion of some of the key features of IFRS 15 and what it means for financial statements of entities from various sectors.

A brief discussion of some of the key features of IFRS 9 and what it means for financial statements of entities that are not in the financial services sector.

In this podcast Craig Blair from the ATO sets out the areas which the ATO plan to focus on in their forthcoming SMSF auditor compliance program for 2016/17. Craig explains auditor independence and audit quality issues which have been identified through previous reviews of SMSF auditors and the ATO’s data analytics, which the ATO now intend to target. This podcast is essential listening for SMSF auditors to assist them in determining whether any of the independence or audit quality risk factors identified by the ATO may apply so that they may address those issues proactively.

Professor Emeritus Steven Mintz, Cal Poly State University, USA talks about conflicts, pressures and rationalisations accountants face.  He offers insights on what to expect and advice on how to respond to ethical issues.

ASIC’s Senior Executive Leader, Doug Niven, discusses the ASIC inspection findings for the 18 months to 31 December 2014 with Claire Grayston, Audit & Assurance Policy Adviser at CPA Australia. The podcast highlights the key lesson for auditors as well as directors and audit committees’ role in improving audit quality, how Australian audits compare to other jurisdictions and ASIC’s areas of focus for the next inspection period.

Participants:

Host – Claire Grayston, Policy Adviser – Audit & Assurance, CPA Australia

Guest – Doug Niven, Senior Executive Leader, Financial Reporting and Audit, ASIC

The most significant changes in auditor reporting in decades apply from 2016. The changes will have greatest impact on listed companies, but all auditor’s reports are effected. What’s behind the changes, what will they mean for directors, audit committees and investors and how are they being received around the world?  CPA Australia’s Audit & Assurance Policy Advisor Claire Grayston discusses these issues and more with the architects of the new rules, including International Auditing and Assurance Standards Board Chairman, Prof. Arnold Schilder.

Names of speakers:

Host: Claire Grayston - Policy Advisor – Audit & Assurance, CPA Australia

Guests:

Prof. Arnold Schilder – International Auditing and Assurance Standards Board (IAASB) Chairman

Chuck Landes - IAASB Deputy Chairman & AICPA Vice President

Merran Kelsall - AUASB Chairman & IAASB Member