In the latest On the Frontlines blog post on Internal Auditor, Sio Naidoo, product manager, Asia Pacific at Wolters Kluwer TeamMate, offers readers "three things to do now to become more agile." Establishing a collaborative foundation with management and more frequent communication are at the center of the agile methodology, Naidoo writes. Together, they help teams receive management responses and issue final audit reports in a more timely fashion.
With Indonesia's finances feeling the effects of the pandemic and a tax reform bill encountering obstacles, the country may look to tighten tax enforcement. "There are an increasing number of cases of clients seeking assistance," said EY accountant Bambang Suprijanto.
Russia is looking to bolster its technology sector by adding a levy on foreign-owned digital services, according to a government plan. Russia has been encouraging foreign firms to set up shop in the country and store data on its citizens there.
Prime Minister Justin Trudeau's reelection could have implications for the financial industry, given Trudeau's plan to increase taxes on banks and insurers. However, Trudeau's Liberal Party did not manage to establish a parliamentary majority.
Auditors moved quickly to digitize services after the onset of the pandemic, says Kristy Carscallen of KPMG in Canada, and they "also started digitizing routine procedures so people could focus on more meaningful work." The increasing focus on environmental, social and governance factors in the business world raises opportunities for auditors to provide assurance in this area, Carscallen notes.
EU regulators received backing from the EU Court of Justice as they seek to crack down on Belgium's tax policies toward dozens of multinational enterprises. The court affirmed that the European Commission had "correctly found that there was an aid scheme."
Ireland is continuing to withhold support for a global tax deal, with officials seeking greater clarity about the arrangement. Finance Minister Paschal Donohoe indicated that backing the accord is not yet appropriate but noted that "we are working very hard to see if an agreement is possible that would allow Ireland to join."
Brazil President Jair Bolsonaro signed a measure to bolster a pandemic welfare program through levies on financial transactions. The measure -- which applies to foreign exchange and insurance transactions, among other things -- could generate 2.14 billion reais ($407.13 million).
Exposure drafts issued by the AICPA Professional Ethics Executive Committee provide proposed guidance for practitioners on ethical standards related to unpaid fees and accounting standards implementation services for attest clients.
Final regulations clarify the treatment of qualified improvement property in foreign-derived intangible income and global intangible low-taxed income, and foreign tax credit transition rules address post-2017 net operating loss carrybacks to pre-2018 tax years.