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Audit and Assurance

Preparing your Company for FRS115 (IFRS15)

The Accounting Standards Council issued FRS 115 (also known as IFRS 15) on 19 Nov 2014. FRS 115 is effective from annual periods beginning on or after 1 Jan 2018. Earlier application is permitted. Objectives of FRS 115 The objective of IFRS 15 is to set out standards for recognition [...]

By |2019-08-20T23:38:38+08:00September 25th, 2018|Audit and Assurance|0 Comments

Corporate Culture goes beyond that of the CEO

Stories of corporate culture gone off the rails have become a regular feature in the headlines. From rampant sexism and bullying, falsifying of critical safety records, to underhand tactics against competitors and outright fraud, breakdowns in standards of governance inevitably lead to demands for strong action to be taken. But [...]

By |2019-08-20T23:38:39+08:00September 5th, 2018|Audit and Assurance, Family Business, Risk|0 Comments

4 years worth of Audited Financial Reports no Longer valid

Midas, a Chinese railway parts maker which has a primary listing on the mainboard of the Singapore Exchange and a secondary listing in Hong Kong, is being investigated in Singapore and China for fraud. Founded in 2000 by Patrick Chew, a Singaporean businessman with a rags-to-riches story, and a Chinese [...]

By |2019-08-20T23:38:39+08:00September 4th, 2018|Asia, Audit and Assurance|0 Comments

Case Study: PwC UK auditor spent only 2 hours on BHS Audit

In an email seen by Sky News, Kevin Ellis, chairman of PwC UK, reportedly blasted partner Steve Denison over his audit work for BHS, which last week led to a six-figure fine and 15-year ban for Denison and a record £10m fine for the Big Four firm (reduced to £6.5m). [...]

By |2019-08-20T23:38:39+08:00August 31st, 2018|Audit and Assurance, Europe, News|0 Comments