Until recently, INAA had its North American, Latin American, European Tax and European Audit Forums under its umbrella. So far, members from Asia, Africa and Australia were not part of any regional forums. So the three member firms from India decided to take the initiative and host the first Asia, Africa and Australia (AAA Forum) in India. This was possible only on account of the full support of the INAA Board of Directors and the Chairman.
This maiden AAA forum was held between February 19, 2015 to February 22, 2015 at the historically significant cities of New Delhi and Agra. Generally the INAA Forum meetings are for one day wherein technical subjects are discussed. However, since this was the first meeting of AAA and delegates were coming from distant places, the forum meeting was followed by 2 days of sightseeing. Members from countries other than AAA were also invited and attended this event. There were a total of 18 participants representing Australia, India, Nigeria, Japan, Korea, Mauritius, UAE, Italy, Germany and the Netherlands. The Forum meeting was held in New Delhi on Friday February 20, 2015 and was followed with a two day tour to New Delhi and Agra. A total number of 22 persons (along with spouses) did the tour. Other members from the AAA region that could not attend were from Singapore, Malaysia, Indonesia, Kenya, Pakistan, Algeria, Egypt and Tunisia.
On the first day the following topics were discussed:
- Reengineering the Audit in a Digitized Environment. This was taken up by our very own Chairman – Gert de Fluiter, who spoke about Framework of the role of IT in audits, use of various CAATs, Process mining, Big data etc.
- Gert also spoke on Materiality and (Non) Statistical Sampling – he dealt with ISA 320 Materiality in Planning and Performing an Audit and ISA 530 Audit Sampling along with its practical applicability with live examples.
- Value Investing in India by Paresh Thakkar MD of Valuequest Capital LLP (co promoted by Religare Global Asset Management
- Afterwards, each member from the AAA region made a presentation explaining the geographical, business environment, the legal, tax and regulatory frameworks in their respective countries. They also showcased their own expertise and how they could assist in establishing and rendering professional services to entities seeking to set up business in their country
Besides discussions on technical matters and recent trends and development in professional practice and management areas, the Forum also provided wonderful networking opportunities for cross referral of work within members of these regions.
The camaraderie between the participants was exemplary and the exchange of ideas about practice management were enriching and rewarding. All in all the event was a great learning experience and every one took back fond memories.
The Chairman in his closing remarks expressed the AAA forum should become an annual event, with different countries hosting the event in the coming years.
-- Shariq Contractor
2015 AAA Forum - DOING BUSINESS IN AUSTRALIA - Martin Roughley
2015 AAA Forum - Materiality and (Non) Statistical Sampling- Gert de Fluiter
2015 AAA Forum - MAURITIUS: AN INTERNATIONAL FINANCIAL CENTRE - Vimal Damry
2015 AAA Forum - Reengineering the Audit in a Digitized Environment- Gert de Fluiter
2015 AAA Forum - Setting up company in Japan - Altesta