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Wagga Wagga Conference (Feb) with HMA Twomey Patterson and GAAP Team
HMA Twomey Patterson is hosting the first ‘Wagga Wagga Financial Reporting and Audit Training Day’ to be held on Wednesday 29th February at the Country Comfort, Wagga Wagga.
GAAP Consulting’s Justin Reid and Colin Parker will share their knowledge and experience on the latest auditing and financial reporting developments. The morning session will address contemporary auditing issues and reflections on the clarity auditing standards.
The afternoon session is a financial reporting and regulatory update that includes the latest AASB standards, ASIC and ACNC developments and Centro Case. Each session is bookable separately.
For further information, please contact: Steven Watson CA, Principal, HMA Twomey Patterson, Tel: (02) 6925 8377, Fax: (02) 6925 8550, Mob: 0459 053 620, steven.watson@hmatp.com.au or visit www.hmatp.com.au. Download brochure and register today.
Financial Reporting and Audit Congress March
The GAAP Consulting team will be presenting our popular financial reporting and audit assurance congress in March 2012. The eight topics for two-day congress (bookable separately) are:
Day 1 – Financial Reporting
- What Should Be On Your Financial Reporting Radar In 2012?
- IFRS NOW: Who is Affected and Why?
- IFRS WIP: Who is Affected and Why?
- Fixing What You Should Have Done in 2011!
- NPF New Regulatory Regime and Standards – Key Elements and Your Actions
Day 2 – Audit & Assurance
- What Should Be On Your Audit, Assurance, and Professional Standards Radar In 2012?
- Are You Diluting Audit Quality? Lessons Not Learned!
- Risk and Fraud Assessment: A Case Study Application of ASA 315 and ASA 240
- Understanding an Internal Control Framework – What You Need to Know!
So ink in the following dates in your diary:
- Melbourne (Crown Towers) – Thursday 8th and Friday 9th March
- Sydney (Sofitel Sydney Wentworth) – Wednesday 14th and Thursday 15th March, and
- Brisbane (Quay West Suites) – Wednesday 28th and Thursday 29th March.
Speakers exclusively from the GAAP Consulting Network (www.gaap.com.au) are: Michael Cain, Colin Parker, Justin Reid, David Sauer, and Carmen Ridley (member of the AASB). Spend some one-on-one time with them and also enjoy the networking opportunities, location and open forums at the end of each day in an exclusive environment. Numbers for the congress are strictly limited. For further information, please contact Judy at Cain Consulting (part of the GAAP Consulting Network) on 03 9886 9178 or email judy@cainconsulting.net.au. Download our congress brochure and register now.
Sample GAAPinar Presentation on Risk Management
The GAAP Consulting team is well pleased with the response to the launch our GAAPinars series for 2011, and the encouragement received from participants and others. For those that have not participated to date, we thought that we would provide you with sample of presentation (10 selected slides from 40) from ‘Implementing the Onerous Risk Management Standard for Accounting Firms – APES 325’ that was recently presented by Michael Cain. The proposed APES 325 will be a significant challenge for accounting firms to understand and implement.
Our GAAPinars on audit topics together with the GAAS Insight audit newsletter are powerful training and information resources for audit practices. In August, we released GAAS Insight No. 5/2011 APES 325 ‘Risk Management for Firms’ – A Preliminary Analysis’ that gave subscribers a head start on the proposed risk management standard and was followed up Michael’s presentation in October. We will be assisting accounting practice with implementation during 2012.
GAAS Insight – The ‘in-house’ Technical Resources
The following GAAS Insights have been released since the launch in May 2011:
- No. 1/2011 ‘Auditing Fundraising Revenue of Not-for-Profit Entities’ (May)
- No. 2/2011 ‘APES 310 Dealing with Client Monies – Understanding and Implementing’ (June)
- No. 3/2011 ‘SMSF Auditing Changes for the 2010/11 year end’ (July)
- No. 4/2011 ‘ASIC Audit Inspection Program Report – Learning Lessons to Reduce Audit Risk (Part 1)’ (July), and
- No. 5/2011 ‘APES 325 Risk Management for Firms – A Preliminary Analysis’ (August)
- No. 6/2011 ‘ASRS 4400 Agreed-Upon Procedures Engagements – Analysis and Implementation’ (September)
- No. 7/2011 ‘Corporations Legislation Amendment (Audit Enhancement) Bill 2011 – Explanation and Analysis’ (October).
Revised GAAP Consulting Corporate Brochure
In August, our revised corporate brochure was released:
- The look and internal order have been refreshed
- The team and team profiles have been updated
- Updated information on services provided and information products, and
- Updated contact points.
Remember manage your financial reporting and auditing with some of Australia’s leading independent experts – GAAP Consulting (‘Excellence in Financial Reporting’)
Quality Control Systems and Engagement Files Monitoring and Inspections– The Protocol
The purpose of this nine page protocol is to:
- describe the responsibilities of an accounting firm to establish and maintain a system of quality control, and to monitor compliance with professional standards (including the inspection of engagement files)
- highlight the deficiencies in quality control systems and engagement performance identified by the accounting bodies and regulators
- provide information about how to access GAAP Consulting (www.gaap.com.au) for independent inspections and assistance
Scoping Study Submission
GAAP Consulting has lodged a nine-page submission to the Treasury on its ‘Scoping Study for a National Not-for-profit Regulator’. Our submission contains responses to the 31 questions asked as well as providing two further issues to address; AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and audit independence in the context of the revised ‘Code of Ethics for Professional Accountants’. We stand ready to assist NFP entities understand the proposals and to share our insights. Contact colin@gaap.com.au or 0421 088 611.
Independent Financial Reporting Support for Corporates
GAAP Consulting is well-known for our outsourced technical services to accounting firms. Importantly, we also provide independent financial reporting services for corporates through our Corporate Financial Reporting Services team led by Carmen Ridley.
GAAP Consulting offers independent financial reporting support to meet needs of management and governance, and thereby reducing related business risks. We can be your dedicated in-house technical resource providing the opportunity to select from over 40 services to meet specific needs:
- Independent Expert Advice: Access to Some of Australia’s Best
- Financial Statements Assistance: Making Life Easier
- Training (In-house): Tailored and Passionate
- Independent Directors: Independence Advice and Assistance
- Financial Reporting Policies and Procedures: Underpinning the Financial Report
- Technical Resources: Proprietary Information and Tools
- Quality Assurance: Better Risk Management
- Advocacy and Representation Services: Independent, Recognised and Respected, and
- Alliance Partner Access: Other Technical Services Available.
Entities can draw on the collective knowledge of eight partner equivalents in the GAAP Consulting Network: Colin Parker (previously a member of the AASB), Susan Orchard, Stephen LaGreca, David Sauer, Jim Dixon, Justin Reid, Carmen Ridley, and Michael Cain. We are not restricted by conflict of interest issues, or regulatory regimes regarding provision of non-audit services. We are not your auditors, and are independent of audit firms.
Should you require any further information about the services provided or our team, please contact Colin Parker, Principal, GAAP Consulting colin@gaap.com.au, or mobile 0421 088 611.
Accounting and Audit Firm Technical Consultations – The Protocol
The purpose of this protocol is to describe the consultation requirements of Australian Auditing Standards and Ethical Standards (for accountants and auditors in public practice), and how to access GAAP Consulting for such consultations. There are four levels of technical consultations that may occur between a firm and GAAP Consulting as a recognised and authoritative source on Generally Accepted Accounting Standards (GAAP), Generally Accepted Auditing Standards (GAAS), Superannuation, and Ethics:
- Level 1: Help Desk Queries
- Level 2: Consulting Review
- Level 3: Formal Independent Opinion, and
Outsourced Technical Activities: Access the Independent Experts
GAAP Consulting offers over 30 Technical Value-added Services with a one stop technical shop for advice, methodology maintenance, training, technical tools, quality assurance, alliance access, client communication, and marketing of technical expertise and services. Our services can be used to support existing in-house resources, or as a completely outsourced function. Technical support is not just about risk management, but also the opportunities for increased depth and breadth of services offered to existing and potential clients.
Reduced Disclosure Regime (RDR) – New Publication and Transition Services
What do you know about RDR Accounting Standards? Can you take advantage of early adoption to reduce financial reporting disclosures? The GAAP Consulting has authored ‘The Reduced Disclosure Regime: A Practical Guide to Implementation’ and offers a wide range of training courses and consulting services to help you understand and implement these significant financial reporting changes.
Forensic Accounting Services – Litigation
In litigation matters legal and accounting firms and others parties need the assistance of expert subject matter specialists in accounting, auditing and related ethical standards. GAAP Consulting provides a range of forensic accounting services to legal firms and others. We specialise in independent expert reports and consulting expert engagements relating to professional negligence and interpretation of accounting, auditing and ethical standards.
APES 315 ‘Compilation of Financial Information’ – 33 Action Items
A considered approach to implementing the requirements of APES 315 ‘Compilation of Financial Information’ is essential. Internal policies and procedures need to be revised, staff trained and clients informed about the changes and the fee implications. The experiences from dealing with APES 315 need to be incorporated into the continuous improvement processes of the firm. A failure to adequately address the changes in a timely manner may expose the public practitioner to reputational, legal and professional risks. To assist members in their implementation considerations, see our APES 315 ‘Compilation of Financial Information’ – Action Items for Members in Public Practice’..
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