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The combined statutory auditor’s report

The combined statutory auditor’s report

The combined statutory auditor’s report, which encompasses the results of the activites carried out by statutory auditors for both supervisory and auditing tasks, whose basic guidelines is provided by the CNDCEC every year, encompasses specific issues linked to the Covid-19 effects on the financial statements, also given the related legislative modification issued during the emergencyRead more about The combined statutory auditor’s report[…]

Leg.Decree n. 39/2010 and ISA (Italia) in the audit of not-for-profit entities

Leg.Decree n. 39/2010 and ISA (Italia) in the audit of not-for-profit entities

A recent Ministerial Decree, which has set forth the precise scheme of financial statements of not-for-profit entities, has introduced a relevant reference for the auditing activities to be carried out in the financial statements of not-for-profit entities. After a long debate, it is now clear that the audit opinion needs to adhere to the requirementsRead more about Leg.Decree n. 39/2010 and ISA (Italia) in the audit of not-for-profit entities[…]

Classification of accounts in the financial statements

Classification of accounts in the financial statements

The correct classification of accounts in the financial statements needs to respond to the specific requirements set forth by the applicable accounting standards. In the present article I am providing an exhaustive analysis on the requirements of the domestic standard-setter both for the Balance Sheet and Profit&Loss, including relevant disclosure.

The Board of Statutory Auditors in NHS companies

The Board of Statutory Auditors in NHS companies

NHS companies encompass a wide range of peculiarities and complexities that absolutely need to be asserted in order to effectively be part of a board of statutory auditors. In the present contribution we provide an overall view of the responsibilities and task assigned to the statutory auditors of NHS companies. Special credit to Prof. ErmandoRead more about The Board of Statutory Auditors in NHS companies[…]

Auditing Tangibles in not-for-profit financial statements

Auditing Tangibles in not-for-profit financial statements

Tangibles represent a very significant account in the financial statements of not-for-profit entities, as they are usually acquired thorugh donations and often subject to specific accounting techniques aimed at sterilizing the yearly depreciation amount. The article offers an exhastive overview of the implications on both accountig and auditing activities.

Credit risk management and accounting policies

Credit risk management and accounting policies

Current legislative requirements (so-called “Business Crisis Act”) and more stringent financial regulations have increased the attention on the correct evaluation of receivables on the financial statements. Specific and technical guidelines have been provided for by International Financial Standards (IFRS 9 specifically), which have introduced increasingly more stringent obligations and requirements on the evaluation criteria andRead more about Credit risk management and accounting policies[…]

Auditing the financial statements of Foundations

Auditing the financial statements of Foundations

The article focuses on the practical implications of auditing the financial statements of not-for-profit Foundations, by highlighting the most peculiar aspects of the financial reporting of such entities. The subject is particularly interesting given the recent legislative modifications introduced by the so-called “Codice del Terzo Settore“.

Draft of the Financial Statements

Draft of the Financial Statements

  The article focuses on the legislative requirements set forth for the drawing up of the financial statements, including the obligations posed on statutory auditors and audit companies. Specific attention will be posed on the timing of the drawing up of the financial statements and of the interaction between Directors and Auditors.