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How to Prepare for a Financial Audit

CFO Share

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.) How Long Do Financial Audits Take?

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IFRS 17 cost estimated at US$15B to US$20B for insurers

Future CFO

The total IFRS cost faced by the global insurance sector to implement the standard is estimated to hit the range of US$15 billion - US$20 billion, said Willis Towers Watson recently. Estimated IFRS costs vary significantly by insurer size, according to a Willis Towers Watson study which polled 312 insurers from 50 countries.

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Embracing AI in Finance and Accounting: Balancing Risk and Innovation

CFO Leadership

AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?

Finance 95
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How to Comply with Accounting Standards for Nonprofits

The Charity CFO

In the United States, these Generally Accepted Accounting Principles (or GAAP) are set by the Financial Accounting Standards Board (FASB). The goal is to create an accurate and comprehensive record of all transactions that can be used for both internal and external reporting, including audits and tax returns. 117 (FASB 117).

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TEST Embracing AI in Finance and Accounting: Balancing Risk and Innovation

CFO Leadership

AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?

Finance 52
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China and Vietnam: the most complex countries in Asia-Pacific for accounting and tax

Future CFO

Governments taking a more flexible approach to tax audits and filing: APAC companies can extend tax/statutory filing deadlines in 50% of places and 43% allow firms to postpone the start of a tax audit.

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The most and least complex jurisdictions for financial compliance in APAC

Future CFO

Many jurisdictions are moving towards international accounting standards such as International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). Across these regions, local GAAP is more common than international standards, required in 71% and 44% of jurisdictions respectively.