South East Europe Implementing and Enforcing International Standards for Financial Reporting and Auditing 2/25/2019 by: John R. Rieger CPA.

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Presentation transcript:

South East Europe Implementing and Enforcing International Standards for Financial Reporting and Auditing 2/25/2019 by: John R. Rieger CPA

Regional Challenges _______________________ Corruption and the Accountants Role The OECD anti-corruption convention includes several sections that apply to accountants, accounting, codes of conduct, internal controls, and strong penalties for violations. 2/25/2019 by: John R. Rieger CPA

Corporate Governance and State Owned Entities ___________________________________________________ State owned entities (partially or wholly owned) should be subject to the same corporate governance requirements especially in the area of transparency and disclosure. 2/25/2019 by: John R. Rieger CPA

Auditors and the Audit _______________________ Major changes are taking place with the status of the auditor and their responsibility. Independent oversight board Revision of auditing standards New independence requirements The reach of the US PCAOB 2/25/2019 by: John R. Rieger CPA

Issue of Sanctions ____________________ Sanctions need to be sufficiently dissuasive. Sanctions need to be strong enough to assure that it no benefit for illegal actions is possible. 2/25/2019 by: John R. Rieger CPA

Company Obligations __________________________ A System of Internal Control-Tone at the top Codes of conduct- ethics 2/25/2019 by: John R. Rieger CPA

International Accounting Standards ____________________________________________________________ Compliance with IFRS. An independent accounting standards board for each country. IFRS and IFRS lite? 2/25/2019 by: John R. Rieger CPA

Legal and Regulatory Framework _______________________________________________________________ Bookkeeping law Accounting law Audit law Company law Integration with criminal law Integration with civil law Securities law 2/25/2019 by: John R. Rieger CPA

Summary _____________________________________________ Independent standards board. Independent accounting oversight. Stronger sanctions. Monitoring, compliance, education, enforcement. Company codes of conduct. Independent company compliance oversight. Internal controls over financial information. Management accountability. Educated judicial system. Corporate governance for state owned enterprises. 2/25/2019 by: John R. Rieger CPA