New MIA technical releases
The Institute issued its first two technical releases for 2016. Both technical releases focus on the auditor’s responsibilities when giving assurance, albeit from different aspects. The technical releases are available in full to members on the Institute’s portal.
The first technical release (AUDIT 01/16 – Verification of financial and non-financial information other than the statutory audit of annual financial information) makes reference to a number of requests requiring a practitioner’s verification of financial or non-financial information, other than the statutory audit of annual financial information.
These verifications are being requested by different parties including tax authorities, regulators and banks. Practitioners should refrain from simply signing a one or two sentence “certification” but should always refer to the IAASB framework to identify the applicable standard and therefore the most appropriate form of reporting. It is essential that the practitioner understands well the client’s needs and the objectives of the required report to enable him/ her to identify the standard that is most appropriate to address this need.
There are a number of different standards which can be used depending on the circumstances of the engagement. These include ISAE 3000, ISRS 4400, ISRS 4410, amongst others.
This technical release focuses on these standards and their applicability in the respective situations and should be taken into consideration by MIA members to decide when a particular report might be required. This notwithstanding the Institute’s staff can be approached by those members who need technical assistance on any aspect of their engagement during the transition phase.
The second technical release (AUDIT 02/16) addresses the New and Revised Auditor Reporting Standards addressed towards changing the auditor’s report to increase confidence in the audit of financial statements. The new and revised Auditor Reporting standards, together with the conforming amendments, will be effective for audits of financial statements for periods ending on or after 15 December 2016.
The IAASB also revised ISA 720 – The Auditor’s Responsibilities Relating to Other Information addressing the role of the auditor. ISA 720 (Revised) necessitated conforming amendments to other ISAs including related changes to the auditor’s report. ISA 720 (Revised) together with the conforming amendments, will also be effective for audits of financial statements for periods ending on or after 15 December 2016.
This guidance has been prepared to assist practitioners draft reports based on the new requirements, mainly focusing on the changes required from the new/revised ISAs but also touching upon the requirements arising from EU Directives/Regulation.
Getting closer to members
MIA staff have been busy working on a communications and marketing strategy. MIA President is confident that this will increase our success rate in the contest for talent.
During November, the MIA launched a professional presence on LinkedIn, Facebook, Twitter and G+; these major Social networks offer our members and us a great opportunity to remain in touch and strengthen our communications. In addition, in December the Institute started using a new email communication tool in order to strengthen our communications. Members are advised to kindly add us (the senders) to your normal inbox, if by any chance, emails of the sort landed in your bulk or junk email folders. The Institute expects that soon all emails sent to members will be sent through this new system.
Membership Privilege Scheme app
In 2012 the Institute launched its Membership Privilege Card, which sought to bring more value to members. The card is part of a membership privilege scheme that through specially negotiated prices allows members to benefit from exclusive incentives in the forms of offers or other price rebates.
As part of its commitment to members, the Institute is constantly seeking ways to improve its services. Besides constantly updating our list with new providers, offers and discounts, we have developed a smartphone app that will allow members to access the privilege scheme on the go. Available for iPhone, Android, Blackberry and Windows 7 devices, the app will allow members to:
- Discover great offers wherever they are.
- Find offers by browsing categories in the app.
- View all the offers nearby using the map feature.
By including leading brands, restaurants and businesses, members are always sure to find offers suitable to their specific needs. Service providers include establishments operating in various sectors. This service is available free of charge and exclusively to MIA members.
MIA President speaks at 2015 Master in Accountancy student conference
Mr Franco Azzopardi said it was an honour for him as the new president of the Malta Institute of Accountants, to participate at the 2nd Year Master in Accountancy 2015 Annual Conference to speak about the continued applicability of financial reporting obligations for Maltese small and medium sized limited liability companies.
Franco told the students that that Malta’s economy would not be where it is today without the critical role which accountants like they will soon be, have played throughout our history. The quality and level of our professionalism will help shape the future fortunes of our country. He noted that soon the students would reach the first two major milestones in your accountancy career – gradation and membership. They will complete your University studies and soon after will be invited to join the Institute as associate members.
He continued to say that even if the supply of Accountants is steady, demand seems to outpace it causing some concern in terms of satisfying the demand. Malta’s counter reaction has been to import talent both from Europe and rest of the world but the process to do so is an administrative burden so the Institute and the University were striving to attract more talent to the profession.
More about this conference: Master in Accountancy 2015 conference: Big GAAP, Little GAAP or No GAAP?
Ethics and business leadership
The Malta Chapter of Centesimus Annus Pro Pontefice Foundation (CAPPF) is organising a course titled ‘Can Business People Create Wealth Ethically and Sustainably’? The Malta Chapter of CAPPF is a foundation based on Catholic Social Doctrine, and members are predominantly professionals and people in business who have an interest in the application of good business ethics in their day to day work.
The course is free to all participants. Sessions start on the 18 January until the 22 February 2016, and will be held between 5:30pm – 7:30pm at MISCO Training & Development Centre, FINO Buildings, Notabile Road, Mriehel. A number of notable speakers will be delivering the lectures.
Participants may request further information by sending an email [email protected]
- Mr. Shaun Cini
- Ms. Clara Desira
- Mr. Bjorn Grech
- Ms. Nicollette Hills
- Ms. Sylvana Sciberras
- Mr. Russell Vassallo
- Ms. Joanna Zerafa Deguara
Members who failed to pay their subscription fees were either suspended or excluded from membership by virtue of the disciplinary regulations for the non-payment of fees, enacted in terms of the Institute’s statute.
Appreciation For Kevin Mahoney
I first met Kevin when we were both about eight years old at St Aloysius College and since then our lives moved very much in parallel, often intersecting both personally and professionally, and this always in a very pleasant manner. More recently, and for a long number of years, this happened when we sat together as Council members of the Malta Institute of Accountants. Looking across the Council Room at the place normally occupied by Kevin, at our first meeting since he passed away, brought back so many happy memories and much more than a touch of a sadness. When a colleague, and a true friend, passes away at such a young age things are always difficult to understand and to put into perspective. However, the memories that Kevin left me, and all of us at the Institute, are so positive that we can only look back with satisfaction at having had the privilege of having known such a good man.
Kevin was a quiet and unassuming person but at the same time was always very determined in what he did and very confident and clear in his purpose. It always impressed me how he could quickly analyse an issue, strip it bare from any unnecessary detail and get straight to the point with an opinion that was rarely off the mark. He did this in the gentlest of manners, never raising his voice or making too much of a scene. Kevin rarely spoke just for the sake of it and when he did, people listened. He was able to make a convincing argument in a conciliatory tone that brought people together rather than antogonised them. This earned him the respect of everyone who dealt with him. You never heard a bad word spoken about Kevin.
On a personal level, Kevin was excellent company. A highly intelligent person, he had a cheeky sense of humour and was someone with whom it was impossible not to get along. His life centred around his family, which he loved dearly, and on the professional practice that he so proudly built with the dedication and passion that characterised the ethic to which he subscribed. Kevin could only do things in one way – properly, and this was so clear to everyone who knew him. Whilst offering our deepest condolences to his wife Nicky, his two sons Kurt and Ryan, his parents and all his family we assure them that Kevin’s memory will live on fondly with all those who knew him and with all the Institute’s members, particularly those Council members who had the honour of working closely with him over the years. Kevin will not be forgotten.
Simon Flynn obo MIA council