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

Financial Markets Authority Senior Advisor, Jacco Moison, discusses the key findings from the FMA’s 2015 Audit Quality Review, highlights positive trends and areas for future improvement, relevant to audit firms, audit committees and directors, as well as the FMA’s focus for 2016.

Guest: Jacco Moison, Senior Adviser, Markets Oversight, FMA

CPA Australia host: Claire Grayston

Private companies providing benefits to shareholders need to be wary of the wide provisions of Division 7A, says CPA Australia senior tax counsel Mark Morris in conversation with Sue Williamson and Megan Bishop of Ernst & Young.

Ian Raspin of BNR Partners and Mark Morris, formerly CPA Australia's senior tax counsel and now professor of Practice at La Trobe University, recap the pros and cons of lodging a family trust election.

Independent consultant Miles Deayton and Mark Morris, CPA Australia's senior tax counsel, discuss a range of recent ATO audit initiatives.

Roelof Van Der Merwe, National Tax Director Nexia Australia, discusses a recent ruling which confirms that payments of money or property transfer to a spouse will be regarded as a Division 7A deemed dividend.

Thomas Ryan, assistant commissioner of debt at the Australian Taxation Office (ATO), reveals to Mark Morris, CPA Australia's senior tax counsel, how the framework can assist individuals and businesses to manage their tax debts.

Changes in the international business environment have led to new levels of cooperation and information sharing, says Greg Williams, Deputy Commissioner of Taxation at the Australian Taxation Office (ATO).

With some 73,000 individual franchisees generating 13 billion annually, franchising is an attractive business model for many small business owners wishing to expand.
But franchising is not for the unwary as Jason Bertalli, Director BNR Partners explains to Mark Morris, CPA Australia’s senior tax counsel.

Robin Parsons, R&D Tax Partner Asia Pacific, Ernst & Young and Nick Weston, Chief Executive Agenix join Mark Morris, Senior Tax Counsel, CPA Australia to discuss what it takes to turn an innovative idea into a commercially viable product or service.

ASIC recently announced its focus for 30 June 2014 financial reports of listed and public interest entities, as well as findings from its reviews of 31 December 2013 reports.

Thomas Ryan, Assistant Commissioner - Debt , Australian Taxation Office, talks with Mark Morris, Senior Tax Counsel, CPA Australia about the ATO's differentiated approach to debt using external debt collection agencies.

Amir Ghandar, Policy Advisor, CPA Australia and Dr Damian Cotchett, Senior Consultant, Nous Group discuss the importance of professional scepticism, and what it means to professionals including particularly auditors in a practical sense.

Paul Kruspe, Assistant Commissioner - Lodgment talks with Mark Morris, Senior Tax Counsel, CPA Australia about the ATO's approach to lodgment including an update on the lodgment differentiation framework.

Ray Cummings, Principal, Greenoak Advisory, discusses his experiences and approach to tax audits with Mark Morris, Senior Tax Counsel, CPA Australia.

Ian Raspin, Director, BNR Partners outlines some of the key contentious issues that can arise through the use of testamentary trusts with Mark Morris, Senior Tax Counsel, CPA Australia.

Ray Cummings, Principal, Greenoak Advisory, and Mark Morris, Senior Tax Counsel, CPA Australia discuss when a contractor will be regarded as deriving personal services for tax purposes including related tips and traps.

Professor Jeremy Moon explains the key developments in CSR and the role of the accounting profession, including CSR developments in Australia and Asia.

Ray Cummings, Principal, Greenoak Advisory, and Mark Morris, Senior Tax Counsel, CPA Australia, discuss the various tips and traps for practitioners when applying the small business CGT concessions.

David Vasudevan and Andrew Yeo, Business Recovery and Insolvency Services, Pitcher Partners, discuss managing risk for clients and advisers when the ATO seek to recover debts with Mark Morris, Senior Tax Counsel CPA Australia.

Doug Niven, Senior Executive Leader - Financial Reporting and Audit, ASIC and Ram Subramanian, Policy Adviser - Reporting & Audit, CPA Australia discuss useful tips for financial report preparers and auditors this financial reporting season.

David Vasudevan and Andrew Yeo, Business Recovery and Insolvency Services, Pitcher Partners, discuss business insolvency and their experiences with Mark Morris, Senior Tax Counsel CPA Australia.

Ray Cummings, Principal, Greenoak Advisory, talks with Mark Morris, Senior Tax Counsel, CPA Australia, about the tax and practical considerations that should be considered when undertaking estate planning.

Paul Kruspe, Assistant Commissioner - Lodgment and Thomas Ryan, Assistant Commissioner - Debt , Australian Taxation Office, talk with Mark Morris, Senior Tax Counsel, CPA Australia about the ATO's differentiated approach to lodgement and debt.