Virtual Audits’ Post

📊 Why Accountants Need to Deepen Their Understanding of PSCs: As accountants, our responsibilities go far beyond managing numbers we’re trusted advisors, compliance guardians, and facilitators of transparency. One area where we can strengthen our expertise is in understanding People with Significant Control (PSCs) and their implications for businesses. The UK government’s drive for transparency in company ownership and control makes the PSC framework a cornerstone of regulatory compliance. Yet, many accountants may not fully grasp the nuances of these requirements, potentially leaving their clients exposed to compliance risks. This insightful article from AccountingWeb sheds light on: . The evolving regulatory landscape around PSCs. . Why many accountants fall short in their knowledge of PSC compliance. . Practical steps to better support clients in navigating these legal obligations. 📌 Key takeaway: A deeper understanding of PSC regulations can enhance the value we bring to our clients, reduce compliance risks, and strengthen the profession’s role in fostering accountability. #Accounting #Compliance #PSCs #CorporateTransparency #ProfessionalDevelopment

NFRA finalises and recommends Auditing Standards to the Central Government for notifying under Section 34A of LLP (Amendment) Act 2021: Dated:- 25-11-2024 - The Authority decides to recommend the 40 Standards on Auditing(SAs) and related Standards on Quality Management (SQMs) The National Financial Reporting Authority held its 19th Meeting on 25 November 2024 to finalise and recommend Auditing Standards to the Central Government for notifying under Section 34A of LLP (Amendment) Act 2021. The Authority decided to recommend the 40 Standards on Auditing (SAs) and related Standards on Quality Management (SQM), which were fin... ... ... http://dlvr.it/TGNdBV #TaxLaws #News #TaxTMI

𝗪𝗵𝗮𝘁’𝘀 𝗶𝗻 𝗮 𝗣𝗔𝗜𝗔 𝗺𝗮𝗻𝘂𝗮𝗹? A well-crafted PAIA manual is essential for compliance and effective information management. Your manual should outline key aspects such as your organisation’s structure, the types of records available for access, and the process for requesting information. It also needs to include the contact details for your Information Officer, who is responsible for overseeing the compliance process. But simply ticking boxes isn’t enough — your manual should be clear, user-friendly, and aligned with your business operations. Our team specialises in developing tailored PAIA manuals that not only meet legal requirements but also reflect best practices in governance and transparency. Need help drafting or updating your PAIA manual? We’re ready to support you. Contact Us! • Phone: 012 111-8475 • Email: info@centacc.co.za • Website: www.centacc.co.za • Address: 121 Amkor Rd, Centurion #Centacc #Accounting #ModernAccounting #CorporateGovernance #PAIACompliance#GovernanceMatters #EthicalLeadership #BusinessTransparency #RiskManagement #KingIV #GoodGovernance #ComplianceSolutions #GovernanceStrategy #LeadershipExcellence #Accountability #Sustainability #BusinessCompliance #CorporateEthics #GovernanceFramework #StakeholderTrust #LegalCompliance #GovernanceBestPractices #EthicalBusiness #GovernanceTraining #BusinessLeadership #SustainableBusiness #GovernanceReview #ResponsibleBusiness

The Auditors Institute LTD Webinar "Auditing Unlisted Unit Trusts in SMSFs" had some cracking lines that I had to requote. I'm not sure I even need to write anything else to explain: "As #auditor, this is not okay" "They [Trustee of unrelated Unit Trusts] frankly don't know what the problem is. They have a bunch of other SMSF unit holders and none of them have had any problem with their auditors... this is more a reflection on the industry, than your own sufficient standards". "This is your [SMSF Auditor] Licence on the line and what other auditors find acceptable should not be bullying you into lowering your own auditing requirements." "Reg 8.02B is quite clear on this matter, units held must be valued at market or an ACR needs to be lodged where the reporting limits are being met". Another interesting point made is that for some SMSFs the cost of obtaining valuations or the effort therein may be more onerous than just copping an ACR on the chin and getting the standard letter from #ATO. Not sure how I feel about this, but it shows that there may be a realpolitik approach to this difficult asset class. Finally, it once again confirmed that #SMSF that invest in related unit trusts, where that unit trust breaches just one of the exemption conditions in Reg 13.22C, that trust is tainted forever and the SMSF must divest itself of that unit trust to remain compliant with the in-house asset provisions.

#GlobalFinancialInsights #Accounting #Auditing [𝐍𝐞𝐰 𝐂𝐨𝐥𝐮𝐦𝐧] 𝐆𝐥𝐨𝐛𝐚𝐥 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 is designed to inform you about the most significant global developments in financial reporting and auditing practices. 𝐇𝐞𝐫𝐞'𝐬 𝐚 𝐆𝐥𝐢𝐦𝐩𝐬𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤'𝐬 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ‣ 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬 𝐁𝐨𝐚𝐫𝐝 (𝐈𝐀𝐒𝐁) • Issued amendments to improve reporting of Nature-Dependent Electricity Contracts ‣ 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬 𝐁𝐨𝐚𝐫𝐝 (𝐅𝐀𝐒𝐁) • Proposed new standards for accounting and disclosure of Environmental Credits and Obligations ‣ 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐂𝐨𝐮𝐧𝐜𝐢𝐥 (𝐅𝐑𝐂) • Issued FRED 86 proposing amendments to FRS 101 for 2024/2025 cycle to streamline reporting and reduce compliance costs • Published annual inspection findings for Tier 2 and 3 Audit Firms, highlighting progress and challenges in audit quality • Published Draft Strategy 2025-28 for consultation • Published initial feedback on market study for NHS providers and Integrated Care Boards (ICBs) audit market   𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐂𝐨𝐥𝐮𝐦𝐧 𝐍𝐨𝐰: https://lnkd.in/grBuGgjR [5-Minute Read] Prepared by 𝐓𝐚𝐱𝐦𝐚𝐧𝐧'𝐬 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 & 𝐄𝐝𝐢𝐭𝐨𝐫𝐢𝐚𝐥 𝐓𝐞𝐚𝐦   #TaxmannUpdates #FRC #IASB #IASB #Audit

IAASB has issued new guidance on the application of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The Authority Supplemental Guidance will help users in determining the appropriate situations to use the standard. The guidance will be particularly beneficial for legislative and regulatory authorities implementing the standard, firms developing related policies or procedures, and auditors determining whether the standard is appropriate to use for a specific engagement.

In today’s interconnected world, global compliance is key for sustainable growth. For CPA firms, maintaining compliance across jurisdictions isn’t just about meeting regulatory standards—it’s about reinforcing client trust and ensuring financial accuracy on an international scale. As an outsourcing partner, Certus Prime is here to empower CPA firms in meeting these demands efficiently. Our specialized team offers comprehensive support in external audits keeping clients in line with standards like PCAOB, AICPA, and other regional frameworks. We understand the complexities of multi-national compliance and bring in-commitment to handle varying requirements across the globe. Certus Prime enables CPA firms to focus on their core advisory functions, confident that their audit and compliance processes are in capable hands. Let’s talk about how we can support your firm in achieving seamless, accurate, and scalable compliance solutions. #GlobalCompliance #OutsourcingSolutions #CPASupport #CertusPrime”

On September 9, the U.S. Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board’s (PCAOB) new quality control (QC) standard, QC 1000, aimed at strengthening the audit quality control systems of registered public accounting firms. This updated standard introduces a risk-based approach to ensure accountability and continuous improvement. Key Highlights: - QC 1000 requires firms to identify risks in their practice and design quality control systems to address those risks. - Firms performing audits under PCAOB standards must implement and evaluate their QC systems annually. - Larger firms auditing over 100 issuers will need to establish an external quality control function for independent oversight. - The new standard, effective December 2025, modernizes outdated rules from nearly 30 years ago to adapt to today’s auditing landscape. This standard aims to enhance the reliability of audits and protect investors. For more updates on financial services and corporate governance, unlock cutting-edge legal intelligence with a free subscription to our platform — join us today. Visit https://lnkd.in/gZmkUPim to know more. #SEC #PCAOB #AuditQuality #CorporateGovernance #FinancialServices #RiskManagement #GRI

Explore the critical elements of Form 3 Reportable Events with our latest blog post. Ensure your audit practices remain compliant and credible. 📊 Read more and stay informed: https://lnkd.in/dmyxf9sW #AuditCompliance #PCAOB #CPAEducation #GreenGrowthCPAs

New PCAOB QC Standard! On May 13th, 2024, PCAOB adopted a new standard enhancing QC for accounting firms. Chair Erica Y. Williams emphasizes effective QC leads to quality audits and investor protection. Key provisions include risk-based QC and External QC Functions for larger firms. Effective Dec 15, 2025, pending SEC approval. Read more in detail here - https://lnkd.in/dQHSC86r CA Timsi Rajpal #PCAOB #AuditQuality #SEC #QCStandards #KNAVUS #BeyondBetter