Revisordøgnet Auditor reporting v/ Jon Beck
Revisors rapportering Konsultationspapir om reporting samt modtagne høringssvar er grundlaget for udkast til standarder vedrørende revisors rapportering. Fører til ajourført ISA 700 (næsten ny) samt helt ny ISA 701 Hertil mindre ajourføringer af især 260, 570, 705 og 706 Sat under pres af EU byggeklodsmodel i udkastene til 8. direktiv og Forordning Hørings frist 22. november 2013. Endelig standard forventes Q4 2014, med effekt for kalenderår 2016. Det overvejes om den kan få effekt for kalenderår 2015. 1
Revisors rapportering Fast struktur i påtegning for alle men kun særlige individuelle oplysninger for børsnoterede om Key Audit Matters Konklusion Grundlag for konklusion Fortsat drift Key Audit Matters Other information Ansvar (Ledelsens, Revisors) Andre erklæringer i henhold til lov og øvrig regulering 2
Revisors rapportering - fortsat drift Forklaring på indholdet af forudsætningen (den regnskabsmæssige begrebsramme) The consolidated financial statements of the Group have been prepared using the going concern basis of accounting. The use of this basis of accounting is appropriate unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Stillingtagen til forudsætningens relevans (høj grad af sikkerhed, revisor) As part of our audit of the consolidated financial statements, we have concluded that management s use of the going concern basis of accounting in the preparation of the Group s consolidated financial statements is appropriate. Ikke oplyst betydelig usikkerhed (ledelsen) Management has not identified a material uncertainty that may cast significant doubt on the Group s ability to continue as a going concern, and accordingly none is disclosed in the consolidated financial statements of the Group. Ikke fundet betydelig usikkerhed (begrænset sikkerhed, revisor) Based on our audit of the consolidated financial statements of the Group, we also have not identified such a material uncertainty. Fælles However, neither management nor the auditor can guarantee the Group s ability to continue as a going concern. 3
Revisors rapportering - Key audit Matters ISA 701 (udkast til ny standard om Communicating Key Audit Matters in the Independent Auditor s Report ) Key audit Matters are those matter that, in our professional opinion, were of most significance in our audit of the consolidated financial statements. Key audit matters skal udvælges fra de forhold som er kommunikeret til bestyrelsen, men skal ikke representere alle de forhold som er kommunikeret til vestyrelsen. Kriterier for om der foreligger et Key Audit Matter Identificeret som eller relateret til betydelig risiko for væsentlig fejlinformation Besværligt at opnå tilstrækkeligt og egnet revisionsbevis Ændringer af oprindelig revisionsplan, herunder forbundet med identifikation af en betydelig mangel i intern kontrol 4
Revisors rapportering - Key audit Matters Our audit procedures related to these matters were designed in the context of our audit of the consolidated financial statements as a whole. Our opinion on the consolidated financial statements is not modified with respect to any of the key audit matters described below, and we do not express an opinion on these individual matters. 5
Revisors rapportering - Key audit Matters Eksempel 1: Goodwill Hvorfor KAM: Under IFRSs, the Group is required to annually test the amount of goodwill for impairment. This annual impairment test was significant to our audit because the assessment process is complex and highly judgmental and is based on assumptions that are affected by expected future market or economic conditions, particularly those in [Countries X and Y]. Revisionshandlinger (men uden konklusion): As a result, our audit procedures included, among others, using a valuation expert to assist us in evaluating the assumptions and methodologies used by the Group, in particular those relating to the forecasted revenue growth and profit margins for [name of business lines]. We also focused on the adequacy of the Group s disclosures about those assumptions to which the outcome of the impairment test is most sensitive, that is, those that have the most significant effect on the determination of the recoverable amount of goodwill. Oplyst hvor i regnskabet: The Group s disclosures about goodwill are included in Note 3, which specifically explains that small changes in the key assumptions used could give rise to an impairment of the goodwill balance in the future. 6
Revisors rapportering - Key audit Matters Eksempel 2: Acquisition of XYZ Business Oplyst hvor i regnskabet: As described in Note 2, in December 20X1, the Group completed the acquisition of XYZ Business. Hvorfor KAM XYZ Business was a division of a large private company. As of December 31, 20X1, the Group has completed the initial acquisition accounting on a preliminary basis. The Group will finalize the initial acquisition accounting during 20X2, and the amounts recorded as of December 31, 20X1 could change. We focused on this transaction because it is material to the consolidated financial statements as a whole and the fact that values had not previously been assigned to the division as a standalone operation. In addition, determining the assumptions that underlie the initial acquisition accounting and the useful lives associated with the acquired intangible assets involves significant management judgment given the nature of the [name of industry]. NB Ingen revisionshandlinger! 7
Revisors rapportering - Key audit Matters Eksempel 3: Revenue Recognition Relating to Long-Term Contracts Hvorfor KAM The terms and conditions of the Group s long-term contracts in its [name of segment] affect the revenue that the Group recognizes in a period, and the revenue from such contracts represents a material amount of the Group s total revenue. The process to measure the amount of revenue to recognize in the [name of industry], including the determination of the appropriate timing of recognition, involves significant management judgment. We identified revenue recognition of long-term contracts as a significant risk requiring special audit consideration. This is because side agreements may exist that effectively amend the original contracts, and such side agreements may be inadvertently unrecorded or deliberately concealed and therefore present a risk of material misstatement due to fraud. Revisionshandlinger (med konklusion) In addition to testing the controls the Group has put in place over its process to enter into and record long-term contracts and other audit procedures, we considered it necessary to confirm the terms of these contracts directly with customers and testing journal entries made by management related to revenue recognition. Based on the audit procedures performed, we did not find evidence of the existence of side agreements. Oplyst hvor i regnskabet The Group s disclosures about revenue recognition are included in the summary of significant accounting policies in Note 1, as well as Note 4. 8
REVU's forløbige holdning til høringsudkast Forbedring i forhold til konsultationspapir Godt med konklusion først Information overload / svær for brugerne at forstå Going concern afsnit informativt for, men for voldsom når der ikke er problemer. Problemer kommer ikke klart nok frem. Kan tolkes som ansvars fraskrivelse. Kriterier for hvornår KAM og hvad der skal indeholdes heri bør forbedres Ved usikkerhed om going concern er samspillet mellem Going concern afsnit, KAM og Ephasis of matter afsnit uklart. Beskrivelse af overholdelse af etiske regler og identifikation af regnskab skaber uklarhed Henvisning til beskrivelse af revisors ansvar på f.eks. hjemmeside er positivt 9
IAASB forventer følge forbedringer som følge af den nye standard Enhanced communicative value of the auditor s report, providing more transparency about the audit that was performed. Increased attention by management and those charged with governance to the disclosures in the financial statements to which reference is made in the auditor s report (e.g., key audit matters, going concern, etc.), which may further improve the quality of financial reporting. Renewed focus of the auditor on matters to be reported, which could indirectly result in an increase in professional skepticism, among other contributors to audit quality. Enhanced communications between the auditor and those charged with governance, for example more robust dialogue about the key audit matters that will be communicated in the auditor s report. 10
IAASB i forhold til EU forordningsudkast Sammenfald Artikel 22 a Identifikation af det reviderede regnskab Artikel 22 b Regnskabskomponenter og regnskabperiode Artikel 22 c Eventuelle supplerende beretninger, der er reviewede, og omfanget heraf Artikel 22 f Anvendelse af ISA Artikel 22 g Den regnskabsmæssige begrebsramme Artikel 22 t Konklusion herunder modifikationer heraf Artikel 22 u Supplerende oplysninger (Emphasis) Artikel 22 v Regnskab og rapport er konsistente 11
IAASB i forhold til EU forordningsudkast Fravalg Artikel 22 d Hvem udpegede/valgte revisor Artikel 22 e Dato for valg og periode som revisor, herunder tidligere genvalg/genudpegninger Artikel 22 h Revisionsmetoder og fordeling mellem substansrevision og test af kontroller Artikel 22 i Eventuel forskydning mellem revisionsmetoder i forhold til sidste år Artikel 22 j Oplysninger om væsentlighedsniveau Artikel 22 o Påpeg og forklar enhver overtrædelse af regnskabsregler, selskabslovgivning, beslutninger om regnskabspraksis og andre forhold af betydning for selskabsledelse Artikel 22 p Bekræft at revisionskonklusionen er i overensstemmelse med rapporteringen til revisionsudvalget (artikel 23) Artikel 22 q Erklær, at der ikke blev udførte forbudte rådgivningsydelser og at alle teammedlemmer var uafhængige Artikel 22 r Erklær at gule ydelser var tilladt af Revisionsudvalget Artikel 22 s Erklær at gule ydelser var tilladt af tilsyn Begrænsning i omfang til 10.000 tegn Krav om alle i revisionsteam ved navns nævnelse 12
IAASB i forhold til EU forordningsudkast Uklart omfang af sammenfald/fravalg Artikel 22 k Nøglerisikoområder for væsentlig fejlinformation, herunder kritiske regnskabsmæssige skøn og målingsusikkerhed. (Vil Kommissionen opfatte det som sammenfaldende med KAM?) Artikel 22 l Udtalelse om klientens situation, herunder især en vurdering af evnen til at fortsætte som going concern. (Usikkert, hvad Kommissionen ligger heri en skaleret vurdering af overlevelsestrusler?) Artikel 22 m Vurdering af klientens interne kontrolsystem, herunder betydelige svagheder heri, samt bogførings- og regnskab-systemet (Usikkert hvad Kommissionen ligger heri en selvstændig erklæringsopgave om intern kontrol?) Artikel 22 n Forklar omfanget, hvori revisionen var udformet med henblik på at opdage uregelmæssigheder, herunder besvigelser (Uklart om mere vidtgående end kravet i ISA 315 og ISA 240) ECON i Parlamentets svar tættest på IAASB 13
Kontakt Jon Beck Partner 2529 3225 jbeck@kpmg.dk
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