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Increasing transparency, improving control - Ernst & Young - Australia

Increasing transparency, improving control

The world is demanding greater corporate transparency. Investors want access to more accurate and relevant information about companies, transactions, markets and risks. Regulators are moving to exert more control.

There’s much debate about how corporate governance should evolve. It’s a debate that’s being held against a background of legislative and regulatory change, the implementation of International Financial Reporting Standards and increased public scrutiny. We believe that global coordination is a necessity, not a luxury, in today’s interconnected and interdependent markets. Regulators and standard-setters need to continue to work together, to promote global consistency.

Ernst & Young has extensive financial reporting and corporate governance knowledge and experience, gained across all markets and geographies. We use this to support you in areas such as pensions, financial instruments, direct and indirect taxes, foreign currency, subsidiaries, joint ventures, provisions, disposals and impairment. Whatever your requirements, we assemble multi-disciplinary teams that can address your most complex issues, using our proven global methodology and deploying the latest, high-quality auditing tools and perspectives.

Financial statements checklist

To assist directors in identifying and meeting their responsibilities in relation to financial statements, Ernst & Young has released the Financial statements checklist - a guide for directors 2009 (pdf, 363kb) . This questionnaire sets out the major issues that should be considered before signing a company’s financial statements to ensure compliance with the Corporations Act (effective for 30 June 2009 statements).

What's it really worth?

Recent market announcements have seen a particular emphasis on the impairment of assets and investments, and how well those reports are reflecting “real” values. “What’s it really worth? Factoring valuations into good governance” (pdf, 633kb) offers Directors insights into impairment, the importance of considering this early and bracing yourself for a difficult and heavily audited road ahead.

Financial reporting in a time of crisis

The economic crisis presents an opportunity to modernize financial regulation in a way that will help to prevent future financial meltdowns, while also promoting global economic stability and opportunity (pdf, 62kb), said EY Chairman and CEO Jim Turley in a speech to the Commonwealth Club in San Francisco.

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