This Executive Summary of Princples for Effective Business Reporting Processes is part of the International Good Practice Guidance series.

Accountants in business play a crucial role in helping organizations ensure a systematic and analytical approach to project and investment appraisal. In practice, fundamental principles of corporate finance are often breached, leading to the destruction of value for shareholders and other stakeholders. Far too frequently, decisions ignore the costs and benefits associated with wider external impacts—social (e.g., labor practices), economic (e.g., in communities), and environmental (e.g., pollution).

This guidance has been prepared by Staff of the International Auditing and Assurance Standards Board (IAASB) to highlight considerations that may be of assistance to audit firms as they plan their field testing of proposed ISA 701. This document is not intended to be prescriptive in terms of an approach to field testing.

This summary provides an overview of the IAASB’s July 2013 Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing. An illustrative auditor’s report for an audit of a listed entity’s consolidated financial statements, showing the result of the IAASB’s proposals, is included as an Appendix.

This Executive Summary of Evaluating and Improving Internal Control in Organizations is part of the International Good Practice Guidance series. The condensed version summarizes the principles and the importance of effective systems of internal control, as well as explains some of the pitfalls that can be avoided.

The Governance Self-Assessment for Professional Accountancy Organizations is an assessment tool developed to assist professional accountancy organizations in reviewing how they meet the principles and practices of the Model Guide for Professional Accountancy Organizations and Evaluating and Improving Governance in Organizations

IFAC has developed this Model Guide based on Good Governance: A Code for the Voluntary and Community Sector (The Code), created by the Code Steering Group, comprised of the Association for Chief Executive Officers (ACEVO), the Charity Trustee Networks (CTN), the Institute of Chartered Secretaries and Administrators (ICSA), and the National Council for Voluntary Organisations (NCVO), and supported by the Charity Commission for England and Wales. The Model Guide has been specifically developed to assist PAOs in

Investors and other stakeholders want to know what makes companies tick; at the same time, regulators are increasingly requiring companies to report clearly on their business models. In response, IFAC, with the Chartered Institute of Management Accountants (CIMA) and PwC, and at the request of the International Integrated Reporting Council (IIRC), have released this background paper, which highlights the business model as being at the heart of integrated reporting.

This International Good Practice Guidance from the IFAC Professional Accountants in Business (PAIB) Committee helps organizations enhance their reporting processes and discusses the key issues professional accountants in business need to address when implementing effective reporting processes in their organization. At the heart of the new guidance are 11 key principles for evaluating and improving business reporting processes, which are complemented by practical guidance outlining the critical arrangements that need to be in place for effective business reporting.