A New Up-date Regarding Health

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It gets drilled down to the audit partners, the engagement team, all the way down through the brand-new associate that's just started with KPMG. Our global chairman, Bill Thomas, is incredibly passionate about this. Bill, for several years, has been driving our global strategy and ambition of being the most trusted and trustworthy professional services organization, because we know that's at the heart of what we do.” KPMG has been applying some elements of the new standard to improve its audit quality. “ISQM 1 is built on eight fundamental building blocks or concepts,” said Bradley. “I would almost hesitate to call it change, but I would call it an absolute almost maniacal focus on ensuring that we are true to form with respect to applying those look these up eight building blocks. You address your quality objective, you determine what the risks are, and then you make sure that you have procedures in place to do that. I would say the most significant thing we are doing is we're ensuring that it's driven from the center and that our adoption of ISQM 1 is done on a globally consistent basis. It's probably the most important concept that we're driving.” He believes it’s particularly important that during the COVID-19 pandemic, firms like KPMG have the appropriate quality management systems in place, and the ISQM 1 standard could help once it’s approved by the IAASB’s oversight board. “I think you have to give a lot of credit to the IAASB,” said Bradley. “They still have to get the final approval from the Public Interest Oversight Board, but I would say kudos to the IAASB for what they've done. It's important for us, and we're going to aggressively move to not only adopt the standard, but I think the key message is that we really consider quality to be a journey. It's a spirit of continuous improvement. That's what the standard was about. With the COVID-19 environment, I think this is as important as ever, and the need for auditors to step up in this period of time is absolutely critical. Frankly, these things are occurring in roughly the same period. I can't think of a better time than now, based on what we've experienced over the last five to six months.” Seidenstein believes many firms will need until the effective date of Dec. 15, 2022 to adhere to the standard, even if they already have quality control systems in place. “This is no small undertaking to put together a robust system of quality management that will conform,” he said. “Many of these activities may be in place already. People are working on the basis that they're going to be in place. But to put a whole functioning system in place with all the requirements for all the employees of a firm, we thought two years was appropriate.

https://www.accountingtoday.com/news/iaasb-releases-quality-management-standards-for-auditors

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Giant ship blocking Suez Canal freed, but economic impact looms The blockage had cost nearly $10 billion a day in global trade, placing stress on supply chains already stretched thin during the coronavirus pandemic. Shutterstock; Reuters Done with this ship: Huge vessel blocking Suez Canal ‘refloated’— all thanks to the supermoon The weeklong closure of the Suez Canal will continue to weigh on the economy despite the massive container ship that has been  stuck there finally being freed on Monday, experts said. Ever Given, the giant ship that has blocked the highly-trafficked waterway since March 23, was pulled free on Monday, a major step toward getting one of the world’s most important trade arteries moving again. Companies from Ikea to Caterpillar have been affected, and tens of thousands of live animals, mostly sheep, have been stuck on ships in the area. Consumer goods like coffee, oil, toilet paper and even a massive shipment of sex toys have also been caught up in the jam. While long-term impact of the weeklong closure will likely be small given that global merchandise trade amounts to $18 trillion a year, the blockage has caused a bottleneck by throwing ships off schedule. Some 450 ships carrying cargo are now expected to be delayed in reaching their final destinations for weeks, if not months. The dozen or so container carriers that control most of the world’s ocean freight are already charging record-high fees on some routes amid shortages of everything from chemicals and lumber to dockside labor, Bloomberg reported . Ever Given, the giant ship that has blocked the highly-trafficked waterway since March 23, was pulled free on Monday. “The dominoes have been toppled,” Lars Jensen, chief executive of SeaIntelligence Consulting in Copenhagen, wrote on social media. “The delays and re-routing which have already happened will cause ripple effects” will be felt for several months. Over the course of the week, Egyptian authorities have been desperate to get traffic flowing again through the canal, which is a channel for about 12 percent of world trade and about 1 million barrels of oil a day. This has been the canal’s longest closure since it was shut for eight years following the 1967 Six Day War. Douglas Kent, executive vice president of strategy and alliances at the Association for Supply Chain Management said that even though the ship is dislodged, the economic impact of the blockage will be hard to quantify. This has been the Suez Canal’s longest closure since it was shut for eight years following the 1967 Six Day War. “The whole knock-on effect through the multi-hierarchy of the supply base — we’re not going to know that,” Kent told CNBC. “Companies don’t have visibility into their supply chain.” While a company might know it has a product sitting on a ship that’s stopped, the impact of delays down the line are unknown. The blockage had cost nearly $10 billion a day in global trade, placing stress on supply chains already stretched thin during the coronavirus pandemic. Based on rough calculations by maritime intelligence company Lloyd’s List, the closure blocked about $400 million in goods every hour.

https://nypost.com/2021/03/29/giant-ship-blocking-suez-canal-freed-but-economic-impact-looms/