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  • Audit & assurance: Auditor reporting: PwC
    changing the model to the shape of what auditor s reports will become The International Auditing and Assurance Standards Board IAASB and the US Public Company Audit Oversight Board PCAOB released public consultations for new standards in July and August respectively which will come into effect in a few years In the UK the Financial Reporting Council s new auditor s report came into effect in Q4 this year The IAASB s comment deadline was 22 November We highlight below some of the key points in our response letter We strongly support enhancements to the auditor s report that will address the needs of today s users With the practical refinements to IAASB s proposed standards that we propose we believe that the IAASB s model can achieve the objective of relevant and valuable reporting More informative auditor reporting will reaffirm the relevance and value of the audit to users as well as support the robust dialogue about significant matters we have with those charged with governance and management We believe that the proposal to introduce key audit matters will be the most valuable enhancement providing insight into the most significant financial statement areas involving complex estimates and significant management judgments from an audit perspective The proposed requirements to identify them need some refinement to make clearer the judgment framework to select the matters It is important to avoid reporting matters that inadvertently risk unintended market consequences and breaching the principle that the auditor s report should not be the original source of information about the entity We would be prepared to include the proposed new section regarding going concern but it may not provide the transparency optimal solution around going concern judgments users are seeking The optimal solution would be for the auditors statements to be complementary to preparers

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/publications/auditor-reporting.html (2016-02-10)
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  • World Watch: India new Companies Act governance: PwC
    governance that aim to bring the developing economic giant and its businesses more in line with other large international capital markets The Act is expected to boost mergers help protect investors from corporate delinquencies and encourage foreign investment The new rules have far reaching implications most notably on the fiduciary responsibilities of the board of directors They are designed to bolster independence and enhance corporate social responsibility The Act can be seen as having two parts the relaxation of rules around business growth and a tightening of governance to ensure that growth is fair legal and publicly monitored The Act was given presidential assent in September replacing the 1956 legislation and has been followed by a set of Draft Rules which contain provisions on the implementation of the new Act While some of the legislation is effective immediately other parts are subject to a phased roll out More powers for the board Under the new rules the board has new powers to make decisions about issuing securities within or outside India diversifying the business and approving amalgamation merger or takeovers The new Act and Rules will facilitate doing business in India more efficiently Sachin Pilot Minister for Corporate Affairs India And more scrutiny But with additional powers comes additional scrutiny The Act demands a wider range of disclosures and requires the board to formally assume responsibility for key matters of governance including The risk management policy The ratio of each director s remuneration to the median employee s remuneration A formal code of professional conduct Other headline provisions place greater emphasis on gender equality and local communities Companies are required to spend 2 of net profits on corporate social responsibility activities for example And they must appoint at least one woman to the board and one resident director A vigil

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/india-companies-act-governance.html (2016-02-10)
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  • Download our brochure: Forensic services: PwC
    Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Download our brochure Download brochure Forensic Services Managing your business risk and protecting reputation and value Your reputation with your customers and employees the public regulators and other companies is what keeps you in business and underpins your success If there s a problem you need a speedy explanation and a credible plan to fix it Download our brochure Create a customised brochure Select the items you re interested in to create a customised brochure for download Select services Anti corruption services Corporate intelligence Cyber security Emerging markets Forensic dispute services Forensic technology solutions Fraud risk mitigation Government contractor services export controls Insurance claims Investigation services Select contacts Africa Regional contacts Africa Regional contacts Francophone Cape Verde Ghana Kenya Nigeria South Africa Asia and Australasia Regional contacts Asia Regional contacts Southeast Asia Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Republic of Korea Singapore Taiwan Thailand Europe Austria Belgium Cyprus Denmark Finland France Germany Greece Iceland Italy Luxembourg Portugal Netherlands Norway Republic of Ireland Spain Sweden Switzerland Turkey United Kingdom Central Eastern Europe Regional contacts Central Eastern Europe Czech Republic Poland Romania Russia Middle East Regional contacts Middle East Israel Qatar Saudi Arabia United Arab Emirates North America Canada Mexico United States of America Central America the Carribean Caribbean Central America Puerto Rico South America Regional contacts South America Argentina Brazil Consulting Strategy Operations Enable growth Drive profitability Fulfill corporate responsibilities Build agility and resiliency Operate globally Realise deal value Publications

    Original URL path: http://www.pwc.com/gx/en/services/advisory/consulting/forensics/download-our-brochure.html (2016-02-10)
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  • Financial services: FS Viewpoint: Hope for the best plan for the worst - A survey of financial institution preparedness: PwC
    About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites FS Viewpoint Hope for the best plan for the worst A survey of financial institution preparedness Download As part of PwC s unfinished business initiative PwC s dedicated team set up to tackle the on going issues arising in the Euro Zone we surveyed 30 of the leading financial institutions with operations in Europe to gauge their level of preparedness for a new shock or crisis in the Eurozone The findings of our survey supports the view that while there are still significant structural issues there is progress being made however risks remain and the uncertainty that exists around the reviews and any potential fall outs are keeping the markets on high alert We have identified three key steps that could immediately strengthen your ability to anticipate prepare and withstand potential crisis scenarios and these are discussed in detail in the report and explored further in the video below FS Viewpoint Hope for the best plan for the worst To follow up on the original survey we have a lined up a panel of experts John Garvey US Banking and Capital Markets X Los Lead Burkhard Eckes Germany Banking and Capital Markets Lead Partner Miles Kennedy UK Financial Services Parner to host a client webcast for details of this and further Eurozone information please contact John Garvey Financial

    Original URL path: http://www.pwc.com/gx/en/industries/financial-services/publications/fs-viewpoint-a-survey-of-financial-institution-preparedness.html (2016-02-10)
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  • Tax transparency overview and country-by-country reporting: PwC
    Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Tax transparency and country by country reporting An ever changing landscape Download PDF Order a copy In recent years the global economic climate has put many governments under severe pressure as regards their spending programmes and the need to generate higher tax revenues to help with the reduction of public sector deficits This pressure has included an increasing focus from investors civil society organisations the media and others for companies and individuals to be seen to be making their contribution to the public purse For some increased transparency around tax is seen as an essential part of the answer to help deal with these issues Since we published our last briefing on tax transparency and country by country reporting just over 12 months ago the introduction of mandatory tax reporting rules has accelerated The changes covered in this publication include Revised guidelines for the Extractive Industries Transparency Initiative New EU rules for the banking industry Final EU rules for the extractive and logging industries We also consider the legal challenge that has suspended the implementation of the US rules for reporting payments to government Finally we look ahead to the discussions in the OECD and the EU on how country by country reporting might be developed for all multinational companies Global tax About global tax Global Tax code of conduct Indirect taxes eBiz 2015 Global VAT online Research insights International tax services International Tax Desks Latin American Tax Group Global R D incentives Research insights Mergers acquisitions Sustainability climate change

    Original URL path: http://www.pwc.com/gx/en/services/tax/publications/tax-transparency-reporting-an-ever-changing-landscape.html (2016-02-10)
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  • World Watch: Total Impact Measurement and Management and Integrated Reporting – do they fit together? PwC
    just inputs and outputs It enables management to develop a better understanding of the social fiscal environmental and economic impacts of their activities This is interesting in itself and it helps support their licence to operate But the real benefit to business is decision making TIMM gives management the ability to compare strategies and make business decisions such as investment choices using quantified data and evaluate the total impact of each decision and choice they make Being able to measure understand and compare the trade offs between different options means that decisions are being made with more complete knowledge of the impact they ll have and a better understanding of which stakeholders will be affected by which decisions and how It s about saying yes I can deliver sustainable shareholder value these are the returns I expect here are the impacts I have and this is the data I used to come to my conclusions There s a lot of talk about business and trust do you expect TIMM to help repair some of the damage done to public trust over the last five or so years MP Undoubtedly TIMM isn t a reporting tool but it will certainly provide the data so companies will be able to disclose information if they want to that maybe they didn t have before or were scared of sharing in a holistic way They can show people for example what taxes they re paying where what impact that strategy is having how it s contributing to economic growth and so on And they ll be able to quantify what that impact has meant in the past as well as use the metrics to inform future strategy There ll be far more context less concern around misinterpretation of numbers especially because the monetisation aspect of TIMM will allow comparison across impacts options and time The TIMM approach will really address complexity and uncertainty in a consistent and comparable way which if companies want to share the information more widely is great news for investors the capital markets and the public Malcolm mentioned that information can be interpreted in a holistic context Integrated Reporting has pretty similar aims balancing financial reporting with social and environmental impacts are the two initiatives in competition MO S Absolutely not They both talk about the same principles but that s not because they re trying to do the same thing TIMM is looking at how you actually generate relevant and reliable information and integrated reporting IR is primarily about how you communicate that information some of it not part of the traditional information set clearly IR is a principles based framework to help organisations communicate value creation over time something investors desperately want But it doesn t provide insights into how a company might go about developing such a picture of their business TIMM is looking at how you generate relevant and reliable information IR is primarily about how you communicate it TIMM can help a company build up

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/innovating-to-meet-demand.html (2016-02-10)
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  • Energy, utilities & mining: The Bit – Proposed lease accounting standards: PwC
    by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites PwC s The Bit Download What energy company executives need to know about the proposed lease accounting standards US and international accounting standards setters are getting closer to completing their overhaul of lease accounting They are taking this action in response to long standing criticism that today s financial statements do not adequately portray the economic substance of lease arrangements In this issue of PwC s The Bit we briefly summarise the proposed guidance and explain how it is likely to change key financial reporting metrics Energy utilities and mining Oil and gas Power utilities Global Power Utilities Centre of

    Original URL path: http://www.pwc.com/gx/en/industries/energy-utilities-mining/oil-gas-energy/publications/the-bit-proposed-lease-accounting-standards.html (2016-02-10)
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  • Public Sector Research Centre: Horizon 2020 – Aligning your innovation strategy to increase competitiveness: PwC
    Our leadership team Code of conduct Corporate responsibility Network governance Our contribution to the debate Genesis Park Diversity and inclusion Analyst relations Alumni Member firms worldwide Live events and discussions Strategy Research insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Horizon 2020 Aligning your innovation strategy to increase competitiveness Download With a 71 billion budget Horizon 2020 is the primary EU strategic framework for European Research and Innovation in 2014 2020 Participation in Horizon 2020 can be an important success factor in financing and implementing ambitious research development and innovation strategies This paper identifies three main steps to ensure optimal participation and revenues First you will need to position your strategy towards the Horizon 2020 objectives by mapping your current and aspired RD I portfolio according to the three pillars of Horizon 2020 excellent science industrial leadership and societal challenges Next adapt internal processes and procedures towards the new regulations And thirdly build public private partnerships and organise your efforts in clusters That means finding strategic partners that are complementary to your own knowledge and infrastructure aligning your RD I strategies into joint action plans and building sustainable cross border collaboration structures This paper explains how Public sector research centre Rethinking government Government and

    Original URL path: http://www.pwc.com/gx/en/industries/government-public-services/public-sector-research-centre/netherlands/horizon-2020-aligning-your-innovation-strategy-to-increase-competitiveness.html (2016-02-10)
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