NEXIA INTERNATIONAL AUDIT COMMITTEE Felix Lozano, Chairman Simon Riley, Technical & Quality Manager.

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Presentation transcript:

NEXIA INTERNATIONAL AUDIT COMMITTEE Felix Lozano, Chairman Simon Riley, Technical & Quality Manager

INTERNATIONAL LANGUAGE What is our international language? … … QUALITY

AUDIT COMMITTEE MEMBERS Felix Lozano (NCA)Michel Girbes (E) Jojo Alviedo (AP)George Dakis (AP) Mike Bishop (E)Yvonne Lang (E) Horacio Brihet (SA)* Al Anderson (NCA) Percy Italia (AP)* Grant Block (NCA) Svetlana Romanova (E)

AUDIT COMMITTEE MEMBERS Felix Lozano (NCA)Michel Girbes (E) Jojo Alviedo (AP)George Dakis (AP) Mike Bishop (E)Yvonne Lang (E) Horacio Brihet (SA)* Al Anderson (NCA) Percy Italia (AP)* Grant Block (NCA) Svetlana Romanova (E)

AUDIT COMMITTEE MEMBERS Felix Lozano (NCA)Michel Girbes (E) Jojo Alviedo (AP)George Dakis (AP) Mike Bishop (E)Yvonne Lang (E) Horacio Brihet (SA)* Al Anderson (NCA) Percy Italia (AP)* Grant Block (NCA) Svetlana Romanova (E)

AUDIT COMMITTEE CHARTER The primary responsibilities of the Nexia International Audit Committee are to: –Assist in developing/enhancing the technical standards of audit services offered by members –Establish the auditing standards for internationally referred work –Provide specific guidance on audit and financial reporting matters to Members on request CURRENTLY UNDER REVIEW

AUDIT COMMITTEE PROJECTS What have we been working on since Prague? … 1.Independence monitoring solution: NIMo IFRS book 3.IFRS webcasts 4.MOU with CaseWare

AUDIT COMMITTEE PROJECTS What have we been working on since Prague? … 5.Annual Audit Quality Confirmation a)Only 75% response rate b)3 areas of significant improvement: - uptake of audit software - cold file reviews - peer reviews

AUDIT COMMITTEE PROJECTS What have we been working on since Prague? … 6.Quality Control Review programme a)3-4 year cycle: Last year: 54 review visits; Next year: 47 planned; approx 160 member firms subject to Audit QCR b)6 firms scheduled for re-review c)Schedule of completed & planned reviews will be posted on website d)Summary of significant/frequent findings will also be posted on website

AUDIT COMMITTEE PROJECTS 7.Audit Forum 1)2005 Lisbon, Portugal: approx 70 attendees 2)2006 Buenos Aires, Argentina: approx 70 attendees 3)2007 Dublin, Ireland: approx 115 attendees 4)2008 Delhi, India: approx 70 attendees 5)2009 Prague, Czech Republic: approx 80 attendees 6)2010 Dubai approx 80 attendees: slides will be available on website

AUDIT COMMITTEE GOALS 1.All QCRs completed on schedule 2.Thought leadership on developments in IFRS 3.Revisiting what we mean by quality – working with Board & Tax Cttee to develop a comprehensive ‘whole of firm’ approach to quality review 4.Revisiting the Audit Committee charter

AUDIT COMMITTEE PROJECTS – 2011 New initiatives: - Support: Audit Guide, IFRS Help Desk Continuing activities: - Professional Development / Learning: IFRS webcasts - Quality Control Review programme - Annual Audit Quality Confirmation - Audit Forum - NIMo

Audit Committee Report