PKF International Assurance and Tax meeting held during November 2019 in Dubai

By Dawn Alexander
06 February 2020

PKF Australia and New Zealand were well represented, being joined by almost 200 other PKF global delegates.

The over-arching themes of the meeting were 'elevating the client experience', and 'creativity', as well as exploring the big changes and opportunities in​ audit, ​tax and advisory.

The highlights were provided from the following guest speakers and PKF delegates:

  • Karin French, a staff member of the International Auditing and Assurance Standards Board (IAASB) and Chair of the International Standards on Quality Management (ISQM) 1 Task Force.
    Karin covered all the new auditing standards, in particular, ISA 540 Auditing Accounting Estimates and ISA 315 Risk Identification and Assessment.

With ‘quality’ being an essential part of the culture and philosophy at PKF, we were very interested to hear her speaking on the game-changing new Audit & Assurance Quality Management standard which aims to enhance quality controls and practices, not just at the firm level, but from engagement-level right up to the network-level.

  • Bruce Mackenzie (W Consulting) on IFRS hot topics.
    At PKF, we keep abreast of the new standards and continuously educate our clients on emerging issues. In particular, Bruce emphasised the need to decrease the quantity while improving the quality of the financial statement disclosures.
  • Ken Weldin (Partner, PKF Melbourne) and Mark Bednarz (Partner, PKF O'Connor Davies) provided insights into our PKF risk advisory capabilities, and their fresh and vibrant approach, with heightened importance on governance and culture. Also emphasising that external auditors have a great opportunity to provide the Board with significant value in these key areas
  • Clayton Hickey, (Chairman, International Professional Standards Committee & Partner, PKF Sydney & Newcastle) presenting on 'Creativity in the profession and within PKF', including a panel discussion.
    Clayton challenged us to think outside the box to offer greater value to our clients, so we maintain our relevance and keep our clients at the very heart of what we do, especially in the face of technological advances, while critically challenging how we can continue to deliver value to our clients.

The panel showcased creativity and innovation within the PKF International network, with real life benefits provided around data analytics and risk advisory. We were especially proud of Matt Mansfield, our Senior Data Analyst from PKF Sydney & Newcastle, who showcased groundbreaking data analytic techniques, with the ability to provide significant insights in the audit process, while adding additional value to the client.

We shared many great ideas within the PKF network, and we continue to rise to the challenge and maintain momentum in turning these new learnt initiatives into real life value for our clients.