سيوجه هذا التقرير الجديد منظمات المحاسبة المهنية في كيفية التصرف اليوم لإعداد أعضائها الحاليين والمستقبليين لاغتنام الفرص التي تقدمها الاتجاهات الناشئة باستخدام رؤى من المجموعة الاستشارية لتطوير منظمة المحاسبة المهنية التابعة للاتحاد الدولي للمحاسبين (IFAC). تتناول هذه الرؤى أربعة اتجاهات ناشئة - التقارير المتعلقة بالاستدامة ، وجهود مكافحة الفساد ، والإدارة المالية العامة السليمة ، والتغيير التكنولوجي - والتي ستساعد منظمات المحاسبة المهنية على ضمان مرونة وأهمية وقدرة أعضائها على التكيف اليوم وفي المستقبل.
Este nuevo informe guiará a las organizaciones profesionales de contabilidad sobre cómo pueden actuar hoy para preparar a sus miembros actuales y futuros para aprovechar las oportunidades que presentan las tendencias emergentes utilizando los conocimientos del Grupo Asesor y de Desarrollo de Organizaciones Profesionales de Contabilidad de la IFAC.
The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft (ED) 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23) for comment.
ED 84 is part of phase two of the IPSASB’s Leases project. It proposes amendments to IPSAS 43, Leases on accounting for concessionary leases, as well as new guidance on right-of-use assets in-kind and consequential amendments to IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers).
Feedback received to the IPSASB’s Request for Information (RFI), Concessionary Leases and Other Arrangements Similar to Leases helped shape ED 84 and is summarized in a Feedback Statement published alongside the new ED.
“In light of the responses to the RFI, the IPSASB decided to propose new guidance on concessionary leases and right-of-use assets in-kind,” said IPSASB Chair Ian Carruthers. “The proposals in ED 84 will provide new guidance that will enhance transparency, accountability, and decision-making in the public sector.”
Access ED 84 and related documents including the Feedback Statement, At-a-Glance, and webcast at the IPSASB’s website.
How to Comment
To access the Exposure Draft, its summary At-a-Glance document, and the Feedback Statement or to submit a comment, visit the IPSASB website. Comments are requested by May 16, 2023. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper to their members and employees.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
Stakeholder comments on Exposure Draft 84 sought by May 17, 2023
The International Auditing and Assurance Standards Board (IAASB) today issued a public consultation for its 2024-2027 proposed strategy and work plan. The strategy seeks to accelerate the actions originally laid out in the 2020-2023 strategy with a focus on standard setting that supports the performance of high-quality audit and assurance engagements.
“Audit and assurance play vital roles in the world’s economies. At their best, audit and assurance practitioners enhance trust in markets and assist in efficient, sustainable resource allocation,” noted IAASB Chair Tom Seidenstein. “Our proposed new strategy strives to develop the globally accepted standards for audit, assurance and related services that enable high-quality engagements, with a distinct focus on both the core need for audits of financial statements and the growing demand for sustainability assurance engagements.”
The proposed strategy outlines four strategic objectives:
The IAASB’s 2024-2027 work plan describes the technical standard-setting work required to support the strategy. The work plan focuses on where further standards’ development can best contribute to meeting the needs of stakeholders in the external reporting ecosystem, while balancing timeliness with quality.
The IAASB invites all stakeholders to comment on the proposed strategy and work plan via the IAASB website by April 11, 2023. Stakeholders can respond to all questions in the Consultation Paper or focus on those questions that are most relevant to them and where they have specific comments.
About the IAASB
The International Auditing and Assurance Standards Board develops auditing and assurance standards and guidance for use by all professional accountants under a shared-standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of standards and guidance. For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
Stakeholder Feedback Requested by April 11, 2023
This proposed strategy seeks to accelerate the actions originally laid out in the 2020-2023 strategy with a focus on standard setting that supports the performance of high-quality audit and assurance engagements.
It outlines four strategic objectives:
The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft (ED) 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23).
ED 84 is part of phase two of the IPSASB’s Leases project. It proposes amendments to IPSAS 43, Leases on accounting for concessionary leases, as well as new guidance on right-of-use assets in-kind and consequential amendments to IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers).
Welcome to the sixth Market Scan from the IAASB's Disruptive Technology team. Building on our ongoing work, we issue a Market Scan every 2-3 months. Market Scans cover exciting trends, including new developments, corporate and start-up innovation, noteworthy investments and what it all might mean for the IAASB.
In this Market Scan, we explore Robotic Process Automation, a technology used for executing repetitive tasks that has applications across the audit process, from data transformation to workpaper creation, as well as potential for forming part of an audited entity’s IT environment.
Technology Landscape, September 2022
We cover:
Robotic Process Automation (RPA) is a technology that involves creating software robots or “bots” to perform repetitive, routine manual tasks, such as extracting data, filling out forms or moving files. By completing rules-based actions that emulate human processes, RPA tools can autonomously complete various activities across multiple unrelated software systems.
What is RPA (Robotic Process Automation)? Two-minute watch, Eye on Tech
What is RPA (Robotic Process Automation)? Two-minute min watch, Eye on Tech
RPA has evolved in recent years with companies such as Automation Anywhere, Blue Prism and UiPath developing ever more sophisticated technologies to automate tasks, workflows and processes. Coupling RPA with artificial intelligence technologies, such as machine learning, has enabled businesses to automate more complex tasks that may involve more judgment or use of unstructured data. This combination of technologies is often referred to as Intelligent Automation or Cognitive Automation.
RPA within the audit process
There are several areas across the audit where RPA can be deployed to drive efficiency in the audit process as well as improve audit quality by enabling consistency of outputs.
RPA within audited entities
Audited entities may use RPA to support certain business processes or repetitive task activities, such updating records, processing transactions or completing reconciliations.
Benefits of Robotic Process Automation, Digital Beanie
These recent developments that may signal future disruption in this area. It is not a complete list of all activities in the field of RPA. For a reminder of Key Venture Capital and Investment terms please refer to the first Market Scan.
1. RPA market experiences slowing growth
The RPA market is dominated by some key players, with the 10 largest RPA vendors accounting for over 75% of the market. There have been some indications in the RPA market that growth in this technology sector may have begun to slow, although double digit growth is still predicted for 2023. UiPath, one of the leading companies in RPA software, has seen its stock value continue to fall since its IPO in 2021. Whilst Automation Anywhere, another well-known RPA provider, sought to secure a $200 million loan and Blue Prism, another large player, agreed to a $1.5 billion takeover offer from Vista Equity Partners in September 2022.
2. Startups with Low-Code and No-Code RPA Solutions
Whilst the traditional RPA industry may be slowing down, business process automation— a term used to describe the use of technologies, including RPA and AI, to streamline and automate more complex business processes—has seen continued growth, particularly with low-code or no-code solutions that can be deployed by those without coding skills.
The IAASB is interested in maintaining its collective knowledgebase on digital technologies (including on specific sub-topics such as robotic process automation), promoting digital readiness and enablement through its engagement with stakeholders, and encouraging action by others to supplement and support the IAASB’s standard-setting activities.
The IAASB is also keen to explore how technologies could be used to enhance interaction with auditing standards. Subject to the IAASB’s work plan decisions, possible use cases of digital technologies for audited entities and audit engagements might provide input to further modernize the IAASB’s standards to be adaptable to and reflect the current business and audit environment (while recognizing that the standards would address digital technologies in a principles-based manner).
The increasing accessibility of RPA through the growth of low code and no code technologies offers opportunities for those without extensive programming knowledge to develop solutions to address specific pain points or low value time-consuming activities in their everyday work, including for audit practitioners or audited entities.
Where RPA or other robotics-based technologies are deployed by auditors to complete audit procedures, adequate governance and approval of these technologies needs to be in place to ensure they are designed effectively, fit for purpose and used appropriately, including provision of training or enablement where needed. Availability of no-code or low code technologies may give rise to wider use of small-scale RPA to address specific needs which has the potential to improve audit efficiency but if ungoverned, could impact audit quality.
The use of RPA in audited entities to automate actions previously performed by a person may change how a process and its related controls operate, and therefore the risks within the process and the appropriate audit response, which may include understanding how the use of RPA is being governed and controlled. As the use of this technology develops further, particularly when coupled with artificial intelligence technologies, this may present new challenges for the auditor and may, therefore, have implications for the IAASB’s work, whether in terms of future standard setting related to technology or facilitating or supporting action by others (e.g., developing guidance).
Useful Articles and Resources
KFC Draws Backlash for Automated Kristallnacht Promo Message - BNN Bloomberg, two-minute read
KFC, the popular fast-food chain, experienced a public relations disaster when its automated communications process messaged customers in Germany about a promotion to “commemorate Kristallnacht”. Kristallnacht was a series of Nazi pogroms that took place against German Jews in 1938. The company blamed an error in the automated process which linked calendar events to promotional content.
