Going Concern Considerations – Lessons from Audit Failures report

CaseWareCaseWare News

Kimberley Tiong (www.kttconsulting.com.au) offers a list of considerations auditors can refer to when assessing “Going Concern” during an audit. As David Niven (FCA) in his article “Lessons from Audit Failures” as published on the ICAA website reiterates: “Going concern: There have been cases where an entity has failed shortly after the auditor gave an unmodified opinion on its financial report, … Read More

Special Purpose Financial Statements – Cash Flows

CaseWareAccounting Standards, Financial Reporting, Industry News, Legislation & Regulation

(From Carmen Ridley – www.afrs.com.au) I have a client who does not want to include a statement of cash flows in their special purpose financial statements, is there any requirement for them to do so? AASB 107 Statement of Cash Flows is applicable to the following entities: each entity that is required to prepare financial reports in accordance with Part … Read More

Summary of Auditing Standards Amendments: Jul 2013 – Jan 2014

CaseWareAuditing, Auditing Standards

Created by Kimberley Tiong (@KTiong, KTT Consulting, www.kttconsulting.com.au) this is a summary of the most recent amendments to the auditing standards. This summary was presented at the November CaseWare A&NZ customer conference. Effective 1 July 2013 ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity The changes make this … Read More

Latest AASB Meeting Report Summary

CaseWareAccounting Standards, Financial Reporting

Provided by Carmen Ridley (www.afrs.com.au), AASB Board Member The February AASB meeting was a one-day meeting only as the first day was an induction day for the five new board members. Some of the relevant matters discussed were: IFRS 9 – update on the status of the standard including the information that the complete standard is expected to be issued … Read More

Charities – Reporting obligations may become entirely voluntary

CaseWareIndustry News, Legislation & Regulation

With the proposed replacement of the ACNC (Australian Charities and NFP Commission) with a ‘Centre of Excellence’, many NFPs that would have had to report to stakeholders under the current requirements, introduced in 2013, may now take the opportunity to revisit their reporting commitments. This is particularly certain if a US based ‘Charity Navigator’ model is introduced to Australia, which … Read More

Sochi – Paralympian Extarordinaire! Jess Gallagher

CaseWareCaseWare News

Jess Gallagher is one of Australia’s leading Paralympic athletes and holds the distinction of being the first Australian female Paralympian to compete in both a Summer and Winter Paralympic Games and the first Australian female Paralympian to win a Winter Games medal, having won the bronze medal in the Slalom for Vision Impaired in Vancouver in 2010. As we approach … Read More

Setting Goals – Get A Great Start to 2014 …

CaseWareCaseWare News

Kimberley Tiong (KTT Consulting, @KTiong) suggests setting yourself up to achieve the most you possible can this year… What are your goals for this year? Someone recently told me that at the end of each year, they sit down with their partner and a yearly planner and plan how to make the coming year a 10 out of 10 year. … Read More

Report on AASB Meeting 11 and 12 December 2013

CaseWareAccounting Standards, Financial Reporting, Industry News

The AASB held their last meeting for 2013 on December 11 & 12. Carmen Ridley, Board Member and principal of Australian Financial Reporting Services, has provided a summary of the key points discussed most relevant to you: Withdrawal of AASB 1031 Materiality – it was determined that AASB 1031 would be amended at this standard rather than immediately withdrawn – … Read More