PGDBFS 103 International Financial Accounting and Policy (IFAP)

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1 June 2018 PGDBFS 103 International Financial Accounting and Policy (IFAP) Tutorial 09: Comparative International Auditing and Corporate Governance Malinda Boyagoda BSc. Business Admin (USJP), ACA, ACMA, CGMA, CPA (Bots)

2 Comparative International Auditing and Corporate Governance Introduction Auditing improves the precision, quality and reliability of information made available to the users of financial statements. It will help investors in their investment decisions as well as shareholders in evaluating performance of a company. Global financial crises and accounting scandals (e.g. Enron, Worldcom, Sathyam) have highlighted the importance of Auditing. Auditing financial information helps lowering the cost of debt offerings and contributes to greater investor confidence. The UK code on corporate governance produced by the Canbury Committee in 1992 states, Corporate governance is the system by which companies are directed and controlled. The purpose of corporate governance is to facilitate effective, entrepreneurial, and prudent management that can deliver long-term success of the company. The board of Directors are responsible for the governance of the company. Shareholders role in corporate governance is to appoint suitable directors and auditors. Corporate Governance Corporate governance deals with the way corporations are managed and governed. In corporates where there is a separation between Ownership (shareholders) and Management (board of directors), having a sound corporate governance structure is important to ensure activities of the company are carried out to the best interest of its owners. Corporate governance theory: There are two main theories of corporate governance, namely, Agency theory and stakeholder theory. According the agency theory, corporate governance emphasizes shareholder value, and the board is determined by shareholder election (this view is predominant in the Anglo-American system). In contrast, the Stakeholder theory embraces a wider set of stakeholders (e.g. employees), and some stakeholder groups (e.g. trade unions) having a legal right to elect members of the supervisory board. Corporate governance guidelines: Various institutions have produced reports to give guidance and recommendations relating to corporate governance. Example: Principals of Corporate Governance issued by OECD in 1999 Revised Code of Corporate Governance issued by OECD in 2004 The internet based resource center Viewpoints: Governance, Accountability and Public Trust introduced by IFAC in 2003 International good practice guidance document entitled Evaluating and Improving Governance in Organisations issued by IFAC in The corporate governance code issued by the FRC of United Kingdom. Some of the principals introduced by these reports include: 1

3 Clarification that the board of directors have ultimate responsibility to governing a company. Highlight the importance of disclosure and transparence of information The fact that auditor should be accountable to the Shareholders and not Management. Guidance relating to improvements in board structure, risk management and internal control. Guidance relating to quality of directors and their independence; the relationship between performance and remuneration of management etc The corporate governance Code introduced by the FRC of UK requires the listed entities to report on how they have applied main principals of the Code and either confirm they have complied with the Code s provisions or where they have not to provide and explanation, so that the shareholder can understand the circumstances and decide whether they agree with the approach the company has taken. In the United States, the Sarbanes-Oxley Act s proposals for better corporate governance include the following: A new oversight board for the accounting profession The Public Company Accounting Oversight Board (PCAOB) Certification by CEO s and CFO s of companies regarding financial statements and internal controls. A tighten definition of independent audit committee members. A requirement for external auditors to directly report to the audit committee. Prohibitions on certain non-audit services by external auditors. (e.g. undertaking of any managerial activities, perform valuations to determine figures that should be recorded in the financial statements) Tougher penalties for financial statement fraud Following the Sarbanes-Oxley Act, the New York Stock Exchange introduced several new listing requirements: Corporate boards must have a majority of independent directors Listed companies must have audit and remuneration committees composed entirely of independent directors Non-management directors must meet at regularly scheduled executive sessions without management Listed companies must have an internal audit function Companies must adopt and disclose governance guidelines, code of business conduct and charters for their audit, compensation and nominating committees. Measures that have been taken around the world by governments, world-wide regulators, accounting bodies and others to strengthen the improve corporate governance have had an impact on the MNCs to the extent that most of the MNCs now have a separate section in their annual reports explaining corporate governance issues. 2

4 Corporate governance guidelines in Sri Lanka The Institute of Chartered Accountants of Sri Lanka and the Securities and Exchange Commission carried out a joint exercise to develop code of conduct best practice guidelines for companies in Sri Lanka. As a result of this exercise a publication was released titled Code of best practice on Corporate Governance This was subsequently revised and updated in This publication is available in the following link: _governance_2017_final_for_web.pdf International Auditing Auditing issues concerning both external and internal auditing are directly linked to corporate governance. External auditing provides assurance to financial statement users that the information contained in those financial statements are of high quality. Monitoring risks and providing assurance regarding controls are two main Internal Audit functions. International Auditing Internal Auditing External Auditing Monitoring - risks Assurance corporate controls Assurance quality of corporate financial information /and Corporate Governance The Audit quality Framework issued by the FRC of UK in 2008 identifies the following key drivers of Audit quality: a) The culture within an audit firm. b) The skills and personal qualities of audit partner and staff. c) The effectiveness of the audit process d) The reliability and usefulness of audit reporting e) Factors outside the control of the auditors affecting audit quality 3

5 Regulation of Auditors and Audit firms The approach taken to regulate auditing in different countries ranges from those that leave the regulation largely in the hands of the profession itself to those that rely heavily on the government. In Anglo-Saxon countries, mechanisms are put in place to regulate auditors within the framework of professional self-regulation. E.g. In Sri Lanka, CA Sri Lanka conduct inspections over selected audit firms. Further, the big 4 audit firms will have periodic reviews over its audit files carried out by its international firm. Such reviews / investigations will form part of the self-regulation of the auditing profession in Sri Lanka. In United States PCAOB established in 2002 by SEC pursuant to the Sarbanes-Oxley Act, plays a key role in Auditor regulation. Sabes-Oxley Act requires the management to give a report on its assessment over the effectiveness of the internal controls of the company and procedures over financial reporting. This report is included in the Annual report of the company. The external auditor is required to check and report on this assessment made by the management. Accordingly, Auditors of listed entities of United States are required to give two audit opinions: i. an opinion over internal controls of management over financial reporting ii. an opinion over financial statements of the company. Auditors of SEC-registered companies are required to be member of PCAOB. In United Kingdom, the Financial Reporting Council (FRC) is the regulator of corporate reporting and governance. Its functions which are relevant to auditing, include the following: a) Setting, monitoring and enforcing auditing standards. b) Provide oversight and regulation of auditors c) Operate an independent investigation and disciplinary scheme for public interest cases involving professional accountants. d) Overseeing the regulatory activities of the professional accountancy bodies (e.g. ICAEW, ACCA, CIMA). Auditing Standards The audit report is the primary tool auditors use to communicate with financial statement users about the results of the audit function. The globalization of business operations have heightened the importance of cross-national understanding of corporate financial reports and the associated audit reports. For MNCs the ideal situation would be for both parent company and subsidiaries to prepare financial statements using one set of accounting standards (say IFRS) and for the auditors in both cases to use one set of auditing standards in providing their opinion on the financial statements. However, similar to accounting diversity that exist among countries, the form, content and quality of audit reports can also vary among different countries. International harmonization of auditing standards is important in the view of the drive towards international convergence of financial reporting standards. It ensures the financial statements of MNCs that operates across different countries are audited using a consistent set of high-quality auditing standards. 4

6 The responsibility for developing international auditing standards rests mainly with IFAC through its International Auditing and Assurance Standards Board (IAASB). IAASB develops International Standards on Auditing (ISAs) and International Auditing Practice statements (IAPSs). These standards and statements outline basic principles and essential procedures for auditors, and serve as the benchmark for high quality auditing standards and statements worldwide. List of ISAs ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing ISA 210, Agreeing the Terms of Audit Engagements ISA 220, Quality Control for an Audit of Financial Statements ISA 230, Audit Documentation ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements ISA 260, Communication with Those Charged with Governance ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management ISA 300, Planning an Audit of Financial Statements ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment ISA 320, Materiality in Planning and Performing an Audit ISA 330, The Auditor's Responses to Assessed Risks ISA 402, Audit Considerations Relating to an Entity Using a Service Organization ISA 450, Evaluation of Misstatements Identified during the Audit ISA 500, Audit Evidence ISA 501, Audit Evidence-Specific Considerations for Selected Items ISA 505, External Confirmations ISA 510, Initial Audit Engagements-Opening Balances ISA 520, Analytical Procedures ISA 530, Audit Sampling ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ISA 550, Related Parties ISA 560, Subsequent Events ISA 570, Going Concern ISA 580, Written Representations ISA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors) ISA 610, Using the Work of Internal Auditors ISA 620, Using the Work of an Auditor's Expert ISA 700, Forming an Opinion and Reporting on Financial Statements ISA 705, Modifications to the Opinion in the Independent Auditor's Report ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report ISA 710, Comparative Information-Corresponding Figures and Comparative Financial Statements ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements ISA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks ISA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement ISA 810, Engagements to Report on Summary Financial Statements 5

7 Audit opinion ISA 700 Forming an opinion and Reporting on Financial Statements, provides guidance on the form and content of the auditor s report. It requires the auditor to express an opinion about whether the financial statements give a true and fair view of the financial position and performance of the company. This I turn requires the auditor to conduct the necessary audit procedures to support his expressed opinion. ISA 700 describes four types of audit opinions that can be expressed by an auditor: 1. Unqualified Opinion: The auditor concludes that the financial statements of a given entity are presented fairly, in all material respects, in accordance with generally accepted accounting principles. 2. Qualified Opinion: The auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are material but not pervasive to the financial statements, or the auditor is unable to obtain sufficient appropriate audit evidence on which to base the opinion, but concludes that the possible effects on the financial statements of undetected misstatements, if any, could be material but not pervasive. 3. Adverse Opinion: After having obtained enough good audit evidence, the auditor concludes that misstatements, individually or when grouped with other misstatements, are both material and pervasive to the financial statements. 4. Disclaimer of Opinion: The auditor is unable to obtain sufficient appropriate audit evidence on which to base the opinion, and concludes that the possible effects on the financial statements of undetected misstatements, if any, could be both material and pervasive. 6

8 Issues relating to International Auditing 1. Auditor s liability In general auditors can be subject to three kinds of liability: i. Civil liability e.g. litigation by the Client Company or third parties. ii. Criminal liability arises of an Auditor engages in a criminal act such as intentionally providing misleading information; engages in insider dealing etc. iii. Professional sanctions arises when Auditors violates rules of the professional bodies they belong to. E.g. disciplinary action taken by CA Sri Lanka over its members. With the collapse of Arthur and Anderson, the UK government conducted a public consultation on whether it should initiate legislation to limit liability of auditors. In response the big 4 firms pointed out that risks faces by auditors are uninsurable, unquantifiable, unmanageable and at any point could destroy a firm. This will be of concern to MNCs given that further reduction in the number of global audit firms (currently 4 known as the Big 4 - EY, KPMG, Deloitte, PwC) could seriously affect MNCs ability to obtain necessary services at a reasonable price. Alternatives available to auditors to limit their liability may include: a. Formation of limited liability partnerships, where one partner will not be liable for action taken by others. b. Establishment of statutory caps for the maximum liability. However insertion of such liability caps are explicitly prohibited in certain countries. c. Insertion of a disclaimer of liability to other parties than the party to whom the audit report of addressed to. However, insertion of such disclaimers are also prohibited in certain countries (e.g. USA). 2. Auditor s independence One of the main principals governing auditor s professional responsibilities is independence, in particular independence from management. General rules / practices relating to auditor independence include: a. Having shareholder involved in auditor appointment (rather than management), to avoid dependency of auditor s to management. b. Restricting auditor s relationships with client companies (e.g. investments, loans, family members working in clients) c. Mandatory rotation of audit partners / audit firms after a certain number of years d. Restrictions relating to non-audit services an audit could provide to a client (e.g. auditors should not be engaged in book keeping, valuations, and system development etc. of client organizations) 7

9 Internal Audit Function Internal auditing Internal auditing is defined by the Institute of Internal Auditors as an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. Therefore, the role of internal auditing differs from external auditing which is focused on giving an independent assurance over the reported financial results of a company. Internal auditor is a person within the organization, and thus is expected to have wider knowledge and interest about the operations of the company. The role of internal auditing is determined by management, and its scope and vary depending on the size and structure of the firm and the requirements of its management. Internal audit activities would generally include the following: a) Review internal controls of the company, and make improvement recommendations where necessary (establishment of adequate internal controls is a responsibility of management) b) Examination of financial and operating information c) Review the economy, efficiency and effectiveness of operations d) Review compliance with laws and regulations and other external requirements e) Perform special investigations (e.g. on suspected fraud) where necessary. Risk management is directly related to corporate governance and is an area in which internal auditing can make a significant contribution. Monitoring risks and providing assurance regarding controls are among the main internal audit functions. There can often be competing demands on internal audit teams from management and audit committees. On one hand corporate management requests among other things, assistance in designing controls, selfassessment of risks, preparing reports on controls. On the other hand, an audit committee requests assurance regarding controls and independent evaluation of accounting practices and processes. Management requests: Assistance in designing controls Risk analysis Risk Assurance Facilitation of risk and control assessments Assistance in preparing reports on controls Independent evaluation of controls Audit committee requests: Assurance regarding controls Independent evaluation of business processes, including financial reporting Reporting on enterprise risks Fraud analysis and special investigations As the technology evolves and companies embrace more and more technology (e.g. digitization s, Fintech, process automations), the tools used by the auditors and the skills they need will also have to evolve. For example the big 4 firms are giving increased focus on data analytics and AI (artificial intelligence) based tools to reshape the traditional ways of performing audits. 8

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