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The National Financial Reporting Authority (NFRA) has called for enhanced communication between auditors and audit committees regarding complex tax estimates under Ind AS 12, particularly Deferred Tax Assets (DTAs) and Liabilities (DTLs).
Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
The audit committees and the independent directors should regularly communicate with auditors throughout the year and should not limit their role to reviewing the audit report only at the end of the audit, Ajay Bhushan Pandey tells ETCFO in an interview.
Escalate concerns to the audit committee or external advisors if internal discussions don’t resolve the issue. Propose additional governance measures, such as third-party audits, to demonstrate transparency. Communicate transparently about the rationale behind decisions, even if they are unpopular.
NFRA has called for stronger collaboration between auditors and audit committees in its latest report, highlighting the need for thorough scrutiny of Expected Credit Loss (ECL) estimates under Ind AS 109, especially in financial institutions and related party transactions.
The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?
A recent internal audit had revealed that some employees in high-stakes roles were bending the rules to meet targets. Create a Safe Environment for Open Communication In XYZ Corporation’s case, it took a whistleblower to expose the unethical practices. Yet, beneath the surface, ethical cracks were beginning to show.
While legal and communications teams may lead initial responses, it is the CFO who must rebuild the financial and reputational foundations of the business. This includes restating prior-period financials where necessary, strengthening internal controls, and ensuring that audit findings are addressed in full.
Its essentially doing the internal audit work while also functioning as an organizational tool. Rouse: Communication. It automates tasks that people used to handle manually. For example, we use AuditBoard, which tracks everyone involved in a process, including auditors and staff. These tools are vital now.
This opportunity allowed me to audit clients like the South African Revenue Service and South African Tourism, as well as manage accounts for Mastercard South Africa. Cultivating skills in communication, teamwork, and decision-making is crucial for effectively leading your team and making a lasting impact.
I believe in breaking challenges down into manageable tasks, which makes them less overwhelming and easier to address systematically. I also rely on open communication and collaboration, particularly when the challenge involves a team.
Editors note: In todays A Day in the Life , Nguyn Trung Ngn (pictured), tax senior manager at Deloitte Vietnam , shares with FutureCFO audiences how leading a complex transfer pricing audit for a multinational client became pivotal for her career and how her passion for public writing became one of her greatest sources of inspiration.
The proposed standard includes principles-based requirements that would apply to all methods of confirmation, including paper-based and electronic communications. The Public Company Accounting Oversight Board (PCAOB) has proposed a new standard for auditors use of confirmation which is aimed at modernising the process.
Audit functions that fail to adapt well to hybrid auditing risk a loss of effectiveness and influence at a time when real-time assurance has never been more vital to the wider organisation, said Gartner recently. Below are some of the best practices.
The United Kingdoms National Audit Office has advised public entities to adopt rolling forecasts and scenario-based planning, particularly in uncertain environments. Within five months, he corrected over 3,000 journal entries, implemented structural changes, and achieved a clean audit. At SAQA, the same pattern is emerging.
Effective communication in financial teams is crucial for making informed decisions and achieving organizational goals. However, several key mistakes can hinder effective communication in this context. Financial professionals should strive for clear and concise communication that everyone on the team can understand.
Audits are an essential part of ensuring that a company’s financial statements are accurate and compliant with accounting standards. Proper preparation is critical in navigating the post-acquisition audit process smoothly, minimizing disruptions, and providing timely, accurate information to stakeholders.
The regulators like NFRA and Sebi may tighten vigil around the need for the "effective two-way communication process" soon, they said. "So, the auditor's report isn't scrutinised properly by the audit committee. "So, the auditor's report isn't scrutinised properly by the audit committee.
NFRA has released its second Auditor-Audit Committee Interaction Series, emphasizing the need for transparent communication and strategic risk assessment. How can audit committees ensure robust audits? The report provides key insights.
If there are differences, it can lead to problems during audits or inspections. If the data is incorrect or unclear, the company may face penalties or extra audits. Build Strong Relationships with Regulators and Auditors CFOs should maintain good communication with regulatory bodies, external auditors, and industry groups.
Consider conducting a thorough financial audit to pinpoint areas for improvement. Handling Post-Tax Filing Audits Post-filing audits can be daunting, but they offer a valuable opportunity to correct errors and enhance your processes. This proactive measure not only rectifies past mistakes but streamlines future tax filings.
Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders.
They can reconcile accounts, update forecasts, and manage audit schedules. When reporting season, audits, or board meetings come up, mentoring is the first thing to fall away. Examples include presenting the board pack without assistance, managing an audit query independently, or leading a monthly close process across departments.
In today's fast-paced world, creating an effective audit procedure is critical for companies to remain competitive and adhere to evolving regulations. Through this, companies can be certain their audits are completed accurately and quickly. The post A finance leader's guide for successful audit appeared first on FutureCFO.
There is more of an accountant, who comes from the audit function, which I think is more about compliance and implementing standards but has less business interaction. Then there is the CFO who comes from an investment bank, who is more about capital and markets and investor communication. I think there are three types of CFOs.
An interest in sustainability reporting and assurance presents talent opportunities among audit professionals, but may imply a lack of clear purpose in financial statement audits, according to a joint study by the Association of Chartered Certified Accountants and the Chartered Accountants Australia and New Zealand.
Embarking on your first financial audit can be nerve-wracking. This article includes small business accounting tips to prepare for an audit while minimizing its expenses and findings. An audit evaluates: Compliance with accounting standards (GAAP or IFRS.) Do not expect to walk away from an audit with zero findings.
The top priorities for chief audit executives (CAEs) in 2023 are advancing data analytics, providing assurance on proliferating digital risks, and talent management, said Gartner recently. CAEs’ focus on providing assurance over technology and digitalisation and advancing audit’s use of data analytics is not new,” said McKnight.
Credibility Depends on How You Communicate One of the most valuable contributions a CFO can make to public perception is consistent, accurate, and honest communication. The best CFOs do not just focus on clean audits. That starts with you. They focus on building cultures of accountability. They protect whistle-blowers.
This includes regular security audits, investing in advanced technologies, and educating themselves and their teams about best practices. GF: How do you communicate that to clients? Frame: We communicate the value of our market views through regular updates, reports, and personalized consultations.
Auditing and accounting talent shortage continue to make employers toss and turn, according to a global survey of more than 4,100 accountants and 2,300 auditors. With unemployment rates at historic lows, it’s not surprising that auditing and accounting talent shortage is a hot issue, said David Osborne, CEO at Caseware.
Audits, while essential for maintaining the integrity and trustworthiness of an organization’s financial reporting, can be a daunting task. This is not just because of the intricacies and specificities required by the auditing standards but also due to the numerous challenges faced by organizations in the run-up to an audit.
Additionally, I learned the importance of cultural sensitivity and effective communication. Communication Skills: Effective communication is vital for conveying complex financial information to non-financial stakeholders, including the board of directors and investors. How do you balance your personal and professional life?
Oleg Kozlov , head of internal audit at Modern Mills Company , discusses how CFOs traverse multi-jurisdictional finance challenges in 2025. Oleg Kozlov, head of internal audit, Modern Mills Company Addressing talent woes In dealing with talent woes, Kozlov recommends bringing a temporary support from an experienced global finance team. "I
A failed audit. Business continuity plans, disaster recovery strategies, and crisis communication protocols are no longer just for IT or HRthey are board-level priorities. Culture and Communication: Making Risk Everyones Job One of the biggest mistakes CFOs make is trying to manage risk in isolation. A tax penalty.
Stiles CFO Lili Grobler on what her auditing degree didn’t teach her Lili Grobler is the CFO of Stiles since 2016, a growing business based in George. In a corporate auditing firm, theoretically you only apply legislation and it’s like a ticking exercise, you did this, you didn’t do that.
Which means the firm will need to provide records of holdings and transactions for each of its clients (which may require some training and practice for employees to be able to quickly pull the needed data from the firm's custodian), as well as archived client communications and any advertisements produced by the firm.
I then communicate solutions effectively without antagonizing any party. Yes, I worked in Rwanda as an audit assistant, auditor, and later accountant. I engage stakeholders through lobbying, stay calm in emotional situations, and rely on policy frameworks for solutions. What future goals are you excited about?
The National Financial Reporting Authority (NFRA) chief emphasized that audit quality has improved in the past few years. However, better communication between auditors and board members is needed to prevent corporate failures. Over 80 orders against auditors were issued, including cases like Cafe Coffee Day and DHFL.
Whether it is poor post-close planning, misjudged synergy estimates, or ineffective communication across teams, failure tends to follow patterns. Talent Disruption and Culture Clash: Employee turnover, role confusion, and resistance to change often follow poorly communicated or poorly executed transitions. eBay and Skype (2005) – $2.6
Furthermore, establishing effective communication lines between the IT and finance teams can guarantee that all individuals comprehend the organization’s technology environment and financial habits collectively, leading to better-informed budget choices.
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