IFRS Enforcement and Governance Leo Goldschmidt Director of ECGI (European Corporate Governance Institute) www.ecgi.org OECD - Russian Corporate Moscow.

Slides:



Advertisements
Similar presentations
Organizational Governance
Advertisements

What is Corporate Governance?
1 The 6th Asian Roundtable on Corporate Governance Implementation and Enforcement in Corporate Governance Louis Bouchez Corporate Affairs Division OECD.
Chapter 7 Control and AIS Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 7-1.
Control and Accounting Information Systems
Audit Committee in Albania Legal framework Law 9226 /2006 “On banks in Republic of Albania” Law 9901/2008 “On entrepreneurs and commercial companies” Corporate.
Adam Bearhalter Kristy Kelly Julie Bland Alex Tiset.
Chapter 7 Control and AIS Copyright © 2012 Pearson Education, Inc. publishing as Prentice Hall 7-1.
Governance principles:Principles of fairness, transparency, responsiveness, accountability, resilience, communication, and disclosure for.
The Integrity of Financial Reporting
Purpose of the Standards
Slide 1 Russian Corporate Governance Roundtable meeting Moscow, 11 November 2004 ENFORCEMENT OF IFRS IN the EU Hans van Damme – Vice President FEE FEE.
BRIEFING TO THE PORTFOLIO COMMITTEE ON THE DPSA’S RISK MANAGEMENT STRATEGY PRESENTATION TO THE PORTFOLIO COMMITTEE 12 MAY
Chapter 11.  The board is ultimately responsible for risk management  Oversee strategic risks, operational risks, and financial risks  Many federal.
Elements of Internal Controls Preventing Fraud, Waste, and Abuse in Urban and Rural Transit Systems.
Internal Auditing and Outsourcing
Kpmg. The Fourth Asian Roundtable on Corporate Governance Shareholder Rights and the Equitable Treatment of Shareholders Deepankar Sanwalka KPMG “Tools.
Corporate Governance in Financial Institutions OCDE/IAIS/ASSAL Conference on Insurance Regulation & Supervision in Latin America Punta Cana, Dominican.
1 SESSION 4: HOW SHOULD IFRS BE ENFORCED? THE EXPERIENCE OF TURKEY November 11, 2004-Moscow Dr. A.R. Zafer SAYAR Head of Accounting and Auditing Standards.
Good Corporate Governance in Practice. Outline What is Corporate Governance? Regulatory Requirements for Banks in Sri Lanka DFCC Practices - Key Elements.
Chapter 7 Corporate Governance.
OECD Guidelines on Insurer Governance
East Asia and the Pacific Region
Introduction to Internal Control Systems
Implementation Issues of Sarbanes-Oxley CASE Presentation September 23, 2004 By Denise Farnan.
Chapter 5 Internal Control over Financial Reporting
Slide 1 The 9 th European Financial Markets Convention “Towards true integration by 2009” Brussels May 2005 Corporate Governance Session by the ECGI.
Internal Control in a Financial Statement Audit
Corporate Governance Yoshi Kawai Secretary General, IAIS IAIS-ASSAL Regional Seminar Buenos Aires, Argentina, November 2011 PUBLIC.
ICGFM International Conference “New Developments in Government Bringing Together the Tools, Talent and Technology” 2007 ICGFM International Conference.
Eastern Cape Branch Seminar 5 – 6 September 2013 Good Corporate Governance By: Louise Muller, President of IMFO, 2012/13 – 2013/14.
Richard F. Chambers, CIA, CGAP Vice President, IIA Learning Center The Institute of Internal Auditors.
November 29, The Implementation of the 8th Directive Public Oversight in Hungary Katalin Fekete Vice President Hungarian Chamber of Auditors.
Pablo Javier Mayordomo Signes European Union Economics.
0 Asian Roundtable on Corporate Governance Robert Zafft Senior Corporate Governance Specialist OECD The White Paper on Corporate Governance in Asia Tokyo,
1 Auditing and the Public Accountant Profession Importance of Auditing Bodies required to have an annual audit: All public and larger private companies.
1 INVESTMENT CLIMATE Corporate Governance Development Equity Associates Inc. February-March, 2004.
Slide 1 Federation des Experts Comptables Méditerranéens 4 th FCM Conference Capri, 3-4 May 2004 The Globalisation of Small and Medium-sized Enterprises.
Approval of Financial Statements Shareholders Boards Audit Committee Bert Vos Russian Corporate Governance Roundtable Meeting November 2004.
ENFORCEMENT OF CORPORATE GOVERNANCE CODES LEO GOLDSCHMIDT Director, ECGI (EUROPEAN CORPORATE GOVERNANCE INSTITUTE) OECD ROUNDTABLE MOSCOW, 2 JUNE 2005.
Published Accounts Mr. BarryA-level Accounting Year 13.
Chapter 7 Corporate Governance. Definition of Corporate governance “Corporate governance involves a set of relationships between a company’s management,
1 Prevention of corruption in the private sector: the view from the Anti-Fraud Office of Catalonia Reducing corruption: focusing on private sector corruption.
1 Bishkek, October 2003 The Responsibility of the Board according to the OECD Principles and Patterns of Change in the aftermath of Recent Corporate Events.
Lecture 5 Control and AIS Copyright © 2012 Pearson Education 7-1.
Auditors’ Dilemma – reporting requirements on Internal Financial Controls under the Companies Act 2013 and Clause 49 of the Listing agreement V. Venkataramanan.
Restricted Assessing and addressing the governance of an insurer and its insurance group Regional Seminar on Promoting Sound Insurers and Dealing with.
Risk Management Dr. Clive Vlieland-Boddy. Managements Responsibilities Strategy – Hopefully sustainable! Control – Hopefully maximising profits! Risk.
Auditing & Investigations I
International Accounting, 6/e
Regional Seminar on Reinsurance and Other Forms of Risk Transfer
6th Asian Roundtable on Corporate Governance Theme II, Session 2 Ensuring Capacity, Integrity and Accountability of Regulators and Supervisors Jaweria.
REPARIS Workshop Vienna
Understanding the Principles and Their Effect on the Audit
Audit & Risk Management
Corporate Governance Corporate Governance also plays an important role in maintaining corporate integrity and managing the risk of corporate fraud, combating.
OECD - Introduction It is an organisation of those countries which describe themselves as Democratic and have Market economy. Its HQ is in Paris, France.
PEM PAL IA COP Internal Control Working Group COSO Principles
Setting Actuarial Standards
IFRS & Corporate Self-enforcement
Internal control - the IA perspective
Towards an Optimal Internal Control Environment
Chapter 5 Corporate Governance.
Corporate Governance It is a system by which companies are managed and directed in the best interests of the owners and shareholders. It refers to the.
Adding Value Across the Board
CORPORATE & ACADEMIC GOVERNANCE STRUCTURE
The control environment
South East Europe Implementing and Enforcing International Standards for Financial Reporting and Auditing 2/25/2019 by: John R. Rieger CPA.
Chapter 7 Corporate Governance.
An overview of Internal Controls Structure & Mechanism
Presentation transcript:

IFRS Enforcement and Governance Leo Goldschmidt Director of ECGI (European Corporate Governance Institute) OECD - Russian Corporate Moscow Governance Roundtable 11 November 2004

2 Enforcement Broad and narrow definitions –Prevention and then identification /correction of errors /omissions –Investigation of non compliance and its causes –Disciplining and sanctioning malfunction and fraud

3 Levels of enforcement of IFRS Internal – Self enforcement (preparers) –Audit (internal) –Oversight / Assessment /Approval (audit committee / board / AGM) External –Audit –Oversight / Assessment /Sanction (official / market/ press)

4 Primacy of Company 1st level of responsibility Other levels : failsafe Companies must have mechanisms in place to exercise that responsibility = Corporate Governance

5 Corporate Governance Set of principles, structures, mechanisms To ensure Companies are properly run Based on –Integrity –Fairness –Accountability / transparency

6 IFRS related CorporateGovernance Structures and mechanisms –Systems, infrastructure : organised, resourced departments Accounting Control Internal audit (1)

7 IFRS related Corporate Governance (2) Structures and mechanisms –Managerial and oversight organs : aware, responsible and active Management Audit committee Board AGM

8 IFRS related Corporate Governance (3) Structures and mechanisms –Procedures / Responsibilty : decision making, assessment, sign off –Authority : powers, reporting lines

9 IFRS related Corporate Governance (4) Conflicts of interest –Where possible : avoid and minimise –Where they subsist : manage & foster independence

10 IFRS related Corporate Governance (5) Tools : Examples –Separation of functions –Incompatibilities – criteria –Definition of reporting lines / Chinese walls –Disclosure (substance, process) –Whistle-blowing procedures

11 Other levels of enforcement Same principles

12 Conclusions Governance issues : Nothing new – same principles IFRS related Governance is relevant –both internally and externally to the company –both as framework and in concrete applications Primary aim of enforcement : to prevent, detect and correct errors in corporate financial reporting Primary responsibility for IFRS implementation and compliance lies with the company Corporate governance is not only relevant to IFRS, it is essential