Assurance Services

Meeting today’s auditing, financial and reporting challenges

The global business landscape is being reshaped by transformational events and trends. And that means the financial and reporting environment is also being reshaped, resulting in significant challenges for management, boards, audit committees and auditors.

We can help you understand and address today's most critical financial and reporting issues.


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Accounting change

Sweeping changes to accounting standards are coming — are you ready?

You operate in an increasingly uncertain business environment, complicated by the unprecedented range of potential changes to accounting standards. In this environment, management and audit committees are asking what they should be doing today to ready themselves for such significant change.

The IASB and FASB have undertaken a number of ambitious standard-setting projects to improve both IFRS and US generally accepted accounting principles as well as to work to achieve convergence. These new standards, when issued, are expected to significantly alter accounting treatments and disclosures in several critical areas, including financial instruments, leases and revenue recognition. The number of standards being revised is significant, but of greater importance is how the accounting for common transactions will change as a result of these standards.

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Fraud

Fraud, bribery and corruption continue to expose companies to heightened financial, regulatory and reputational risk

The 11th Global Fraud Survey provides a unique insight into how different economic regions compare. Participants reported an increase in fraud over the past few years, yet the corporate response to addressing fraud is adhoc and inconsistent.

There exists a real need for companies and those charged with their governance and oversight, to revisit their focus on the risks of fraud, bribery and corruption. Given the current environment, more robust anti-fraud and anti-corruption efforts are an imperative.

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Corporate governance

Increasing transparency, improving control

Economic conditions generally improved during the past year, but uncertainties still remain. 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.

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Sustainability reporting

A growing trend toward disclosure of nonfinancial information

In the face of mounting pressure to be transparent, an increasing number of organisations are choosing to report on sustainability or corporate social responsibility (CSR). Sustainability reports help internal and external stakeholders understand how well the organisation adheres to the "triple bottom line" of environmental, social and economic performance.

Seven things you should know about sustainability reporting

1.3,000+ companies issue sustainability reports.
2.Stakeholders increasingly expect companies to provide sustainability reports.
3.Sustainability reporting can bring operational improvements, strengthen compliance, and enhance corporate reputation.
4.Reports should contain key performance indicators (KPIs) relevant to the reporter's industry such as materiality, stakeholder inclusiveness, sustainability context, and completeness.
5.Sustainability reports are more closely monitored than ever before.
6.Sustainability reporting presents many challenges, including:
  • Data consistency
  • Striking a balance between positive and negative information
  • Continually improving performance
  • Keeping reports readable and concise
7.Sustainability reports can be a valuable communications tool. They can help with cutting costs, efficiency, achieving business imperatives and accountability.

Visit our New Zealand Climate Change and Sustainability Services site.

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Related content

IFRS implementation continues worldwide

Visit ey.com/NZ/ifrs to keep up with IFRS developments.

The business of climate change

Are you ready? We can assist you in navigating the complexities of the Clean Energy Legislation Package, understand the implications on your industry or business and plan the way forward.

Castle (International) Limited

Castle (International) Limited  is an annual illustrative financial report for New Zealand companies, applicable for 31 December 2011 and also 30 June 2012 year ends.


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Reporting magazine: March 2013

Reporting magazine: March 2013

Businesses should focus on greater transparency, long-term value creation and risk management, now more than ever. This edition of Reporting explores.

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