A lot has changed in the working world of a financial auditor due to COVID-19. Meetings via videoconference, travel restrictions, working from home and other remote structures and processes had to be implemented quickly due to the pandemic. Small companies in particular – both auditors and clients – have made significant upgrades to their IT systems during the past 18 months. In addition to working conditions, financial auditors also face additional challenges during the pandemic. Assessing the going concern premise based on lost revenues, liquidity shortages, supply chain issues and production stops during lockdowns is a very challenging task, for example. In her article, Dr Shqiponja Isufi explains how companies can grasp the opportunities presented by the COVID-19 crisis and why a career as a financial auditor is set to become even more attractive for the younger generation.
Insights
The number of start-ups continues to rise. When it comes to innovation, Switzerland is a world leader thanks to its renowned universities. The entire innovation process, from the initial idea through to the launch of a marketable product or service, is often a rocky road on which hurdles from the most diverse subject areas have to be overcome. With Grant Thornton as your start-up partner, you benefit from our valuable experience and expertise from day one.
In 2018, the Swiss Parliament passed an amendment to the Gender Equality Act (GEA) that requires companies with 100 or more employees to conduct a pay equity analysis. The revised GEA went into effect on 1 July 2020. This pay equity analysis must be carried out by the end of June 2021 at the latest and reviewed by an independent body within a year.
Expertise, experience, leadership skills and agile adaptation to new technologies are the ideal prerequisites of a successful auditor. Due to the trend of digitalization, which was once again significantly strengthened by the coronavirus pandemic, the expectations of auditing have increased. Thanks to today's new technologies, complex processes of the annually recurring audit of financial statements can be simplified. But what are the prerequisites that an auditor must have today and in the future in order to also make targeted use of digital topics such as “big data”, artificial intelligence and, not least, gamification approaches? So are computer scientists the new auditors? In her article, Dr. Shqiponja Isufi explained what the ideal profile of an auditor is and why the profession will become even more attractive in the future.
The Swiss Federal Council adopted the revised withholding tax law in December 2016. This reform contains various adjustments that are relevant to you as an employer. All changes will enter into force on Friday, 1 January 2021. In this fact sheet, we would like to provide you with information about the most important points of this revision.
The COVID-19 global pandemic has resulted in economic consequences that many reporting entities may not have had to previously consider. One of those consequences is their ability to repay loans. In response, some lenders have agreed to changing the borrowing terms or providing waivers or modifications to debt covenant arrangements. Any changes to the terms of loan agreements, for example providing any kind of payment holidays on either principal or interest or changing interest rates, should be carefully assessed.
The constitutional right to equal pay for work of equal value was enshrined in law by the Federal Act on Equal Opportunities for Women and Men (EOA) , which came into force on 1 July 1996. On 14 December 2018, parliament passed an amendment to the Equal Opportunities Act effective 1 July 2020. This amendment requires companies with 100 or more employees to carry out a wage equality analysis, which must be verified by an independent specialist. However, due to a so-called ‘sunset’ clause, the provisions automatically cease to apply on 1 July 2032.
If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.
As a response to the COVID-19 global pandemic, governments around the world are implementing measures to help businesses and economies get through it. The nature of government grants can take on various forms such as below market rate loans, short-time working subsidies, relief funds, income-based tax credits to name just a few.
On June 26, an interview with Dr. Shqiponja Isufi, Head Audit Indusries Switzerland of Grant Thornton Switzerland/Liechtenstein, was published in the Wirtschaftregional. In the interview, she discusses her career as a partner and auditor, family cohesion, the corona crisis and the 1st August fireworks display.
This article sets out four key areas of your tax provision that could be affected by the impacts of COVID-19. More specifically we focus on how government support in the form of tax incentives and tax relief might change previous assessments that were made applying IAS 12 ‘Income Taxes’ (IAS 12). A key point to be mindful of is that any one of the following may be applicable if interim financial statements under IAS 34 ‘Interim Financial Reporting’ (IAS 34) are being prepared.
As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.
The novel coronavirus (COVID-19) pandemic is spreading around the globe rapidly. The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation.
The spread of the Coronavirus is impacting businesses around the world. Entities need to carefully consider the accounting implications of this situation. This IFRS Alert considers the impact of the Coronavirus on 31 December 2019 year ends.
The internal auditor has a very specific and often relatively isolated role within the company. He is very close to the board of directors and management and yet not part of them. Digitalisation is also creating new challenges for risk management - companies need to be more vigilant than ever. While business remains the same, individual processes are becoming increasingly dependent on data and its in-depth analysis. It is thus clear that the career profile of an “internal auditor” will change to being that of a “business risk analyst”.
FINANCE FORUM LIECHTENSTEIN AM 9. MÄRZ 2017