Cavan and Monaghan Education and Training Board (CMETB)’s Post

New age Chartered Accountants ~ what services can be on your menu card: 1. Quality review of financial statements as per applicable financial reporting framework 2. CSR Projects ~ compliance and monitoring 3. Risk Control Matrix 4. NBFCs ~ compliance, SOPs, policies, reviews, etc. 5. FEMA advisory 6. Minutes Book - drafting advisory 7. Governance Checks under SEBI LODR and other norms 8. Sustainability-related reporting and development of framework

The debate centered on the case study of First Bank Nigeria and Akintola Williams & Co, as Akintola Williams & Co has been the auditor of First Bank for over a decade, prompting the need for a change due to the Financial Reporting Council's regulation on MAFR. The regulation provides for the rotation of auditors of public companies every 10 years and a maximum of 15 years for the rotation of auditors in a Joint Audit Arrangement. PwC argued against the implementation of MAFR, citing concerns about the potential disruption to audit quality and the additional costs it would incur. On the other hand, Deloitte argued in favor of MAFR, emphasizing the importance of audit independence and the need to prevent auditor fatigue. Both teams presented clear and valid points, supported by evidence and examples. Associate Partner Nkwuaku Karis Chimmuanya stood out as the best speaker, delivering a compelling argument in favor of MAFR. The session was engaging and insightful, with thought-provoking questions and opinions shared by members. The Director of Audit concluded that the debate on supporting Mandatory Audit Firm Rotation (MAFR) is subjective and relative, depending on individual and corporate perspectives. One can argue in favor of MAFR from one angle and see its benefits, or argue against it from another angle and also see benefits. However, as implemented by the Financial Reporting Council (FRC), the primary importance of MAFR lies in maintaining audit independence and quality.

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/mtsE30szT2o #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/YATN30szR8f #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/okNP30sA4Mj #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/gXI430szVKK #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/gXI430szVKK #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/cI3y30sA6N0 #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/PPyQ30szT3B #EYCanada #EYAudit

In this report, EY highlights key priorities for audit committees on risk management, financial reporting, tax and regulatory developments heading into 2024. Learn more: https://ow.ly/vH6k30szSRK #EYCanada #EYAudit