From ECOVIS Network: Uruguay – Audit considerations during Covid-19
Recently the IFAC (International Federation of Accountants), International Federation of Accountants in Spanish, issued certain considerations related to the safe audit of financial statements in times of Covid-19. These are situations that matter to the auditors but also to those who are audited. There is unprecedented uncertainty in the economy, which can affect those who
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From ECOVIS Network: Ukraine – Government Support for the Aviation Industry Due to COVID-19
COVID-19 has significantly affected the Ukrainian aviation market and all the industries directly supported by aviation globally. Without financial support from the government, Ukrainian aviation will find it hard to survive. Ecovis’ experts can advise aviation-dependent companies on various matters related to overcoming the consequences of COVID-19 restrictions. During the quarantine almost all flights, including
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From ECOVIS Network: France – Exceptional Financial Aid to Employers Who Recruit Young Apprentices
As part of the “#1jeune1solution” plan, the government is setting up exceptional aid for the recruitment of apprentices up to master’s level for all companies (decree no. 2020-1084 of 24 August 2020). Assistance will be paid for contracts signed between 1 July 2020 and 28 February 2021. How High is the Exceptional Aid for Apprenticeships
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From ECOVIS Network: UK – The Impact of Schrems II and Brexit: The Transfer of Personal Data Overseas in Crisis
Transferring personal data between jurisdictions has always been big business. In Europe, the General Data Protection Regulation provides a number of mechanisms to allow data exports overseas. The end of the Privacy Shield, Schrems II and Brexit will make it more difficult to send and process data worldwide. But there are solutions. The End of
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From ECOVIS Network: USA – IRC 59A Final Regulations Say “BEAT IT” to the Confusion
On 22 December 2017, the Tax Cuts and Jobs Act (TCJA) codified IRC § 59A (Base Erosion and Anti-Abuse Tax, BEAT). This applied a tax on multinational corporations shifting profits abroad through related party transactions which create US deductible payments to low-tax countries. On 1 September 2020, the IRS issued IRC § 59A Final Regulations
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From ECOVIS Network: Big Data Audit – Digital Transformation of the Audit Process at Ecovis in Colombia
ECOVIS Colombia has developed a machine learning model that identifies deviations or atypical behaviours in clients’ transactions. This implementation optimises the auditing and consulting processes and allows clients to react more quickly when anomalies are detected. The analytics tools were developed by Ecovis to support auditing within the concept of data analysis using business intelligence
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From ECOVIS Network: Invest in Uruguay – Increase in Tax Benefits for Investment Projects
The Uruguayan government recently approved an increase in the tax benefits granted through the Investment Law (Law 16.906). Under this law, taxpayers could qualify for significant tax exemptions by submitting an investment project that is declared by the executive powers to be in the national interest. Companies investing in Uruguay in the future can expect a
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From ECOVIS Network: UK – Beware the Pitfalls of an Accidental Legally Binding Contract over Video Conference
Pandemic-provoked disruption has forced many more people to work from home, reduced face-to-face business almost to zero, and triggered an explosion in video conferencing. But this immensely useful technology carries risks. Those to security are well-documented, but less so those to businesses and individuals of entering into an unwanted binding contract. Under English law –
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From ECOVIS Network: Revision of ethical standards for auditors in the UK to improve auditors independence
The UK’s audit regulator, The Financial Reporting Council (FRC), has now issued revised ethical standards that came into effect for accounting periods beginning on or after 15 March 2020. A central tenet of the revisions is that improved auditor independence and fewer conflicts of interest will drive improvements in audit quality. The new standards come
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From ECOVIS Network: UK Citizens Working and Living in Spain After Brexit Benefit from the Transition Period
Brexit has been a reality since 31 January 2020. It is the date on which the Withdrawal Agreement was finally approved by the UK Parliament. However, the Withdrawal Agreement set a transition period between 31 January and 31 December 2020. During this period, UK citizens will keep their rights to live and work in an
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