In our exclusive video interview, the Chair of IFIAR talks about the challenges of improving global audit quality and what the audit of the future will look like.
Brian Hunt: the overseer
Global Forensic Data Analytics Survey 2018
Prat Bhatt: staying in control
FRO: look long-term or get left behind
Technology: making the impossible possible
A globally sustainable approach to audit quality
Ranganath D. Mavinakere: the 360-degree CFO
My wish list: Conway Lee
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.
Fraud, bribery and corruption continue to expose companies to heightened financial, regulatory and reputational risk
The findings of our fraud survey indicate that there remains a widespread tolerance of unethical behavior that goes to the very top of a business
They show that bribery and corruption are considered to be rife, while few individuals are willing to recognize that it could happen in their own industry sectors. Despite this, respondents to our survey indicate that there has been a decline across the board in the use of anti-fraud and anti-bribery measures precisely during a period when the incentives to act unethically have been the highest.
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.
- Corporate governance
Increasing transparency, improving control
Economic conditions have improved, 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.
- Sustainability reporting
A growing trend toward disclosure of nonfinancial information
In the face of mounting pressure to be transparent, an increasing number of organizations are choosing to report on sustainability or corporate social responsibility (CSR). Sustainability reports help internal and external stakeholders understand how well the organization adheres to the "triple bottom line" of environmental, social and economic performance.
Seven things you should know about sustainability reporting
- 3,000+ companies issue sustainability reports.
- Stakeholders increasingly expect companies to provide sustainability reports.
- Sustainability reporting can bring operational improvements, strengthen compliance, and enhance corporate reputation.
- Reports should contain key performance indicators (KPIs) relevant to the reporter's industry such as materiality, stakeholder inclusiveness, sustainability context, and completeness.
- Sustainability reports are more closely monitored than ever before.
- Sustainability reporting presents many challenges, including:
- Data consistency
- Striking a balance between positive and negative information
- Continually improving performance
- Keeping reports readable and concise
- Sustainability reports can be a valuable communications tool. They can help with cutting costs, efficiency, achieving business imperatives and accountability.
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About EY Assurance
EY Assurance represents auditing, financial and reporting professionals focused on building a better working world for our people, clients and communities.
Global Forensic Data Analytics Survey 2018
Intensifying regulatory pressures are top of mind for business leaders, with 78% of respondents expressing increasing concern about data protection and data privacy compliance. Learn more.
Audit Quality: A Globally Sustainable Approach
The Sustainable Audit Quality (SAQ) program is our commitment to conducting globally consistent, high-quality audits sustained over time. Learn more.
Can innovative corporate reporting build trust in a volatile world?
We take a closer look at Finance 4.0 and the transformation of reporting and governance in a high-risk world. Learn more.