Good news for business entities with foreign participation!
The International Auditing and Assurance Standards Board (IAASB) recently approved a number of revisions to the text of ISA 600. That standard is especially relevant to the group accountant of an international undertaking with several foreign components. In our opinion the latest ISA 600 standard provides the group accountant with an opportunity to put more focus on the actual amount of time the work will take by performing a precise risk analysis. Putting it simply, as far as items on the balance sheet are concerned an indiscriminate ticking of boxes is no longer required. It all boils down to making a good assessment of the risks involved and that is something which international companies can benefit from. We believe that close cooperation with local accountants will lead to lower auditing costs for the different foreign components. The text of the revised ISA 600 provides sufficient opportunities for the group accountant to do so.
We shall be glad to help you find ways of lowering the costs of your audit without the necessity of making any concessions with regard to the trustworthiness of your annual financial statements, the quality of our audit and the reliability of our findings. The revisions of ISA 600 is also important for account managers and legal advisors to Dutch trust offices because it gives them important arguments for continuing to promote the Netherlands as a favourite location for foreign businesses.