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

Managing teams that work in, or come from, other parts of the world can present many challenges. This podcast will cover some tips to addressing issues around diversity and conflict, as well as how to succeed when work takes you across borders.

Presented by:
Pablo Benitez CPA, Victorian Corporate Committee of CPA Australia
Dr Martijn Van der Kamp, Teaching Fellow, Monash Business School

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.