Wishing all alumni, clients and staff a smooth year end 2015

FOCUS: The work of Crown Agents in Sudan and South Sudan

What we do in Economic Development

We help countries grow their economies, strengthen their health systems and improve financial management. We do this by providing consultancy and training in health systems strengthening, trade and growth, public private partnerships, public financial management and governance. We are one of the world's leading experts in public procurement and supply chain management and we provide financial services to facilitate development, focusing on international payments and cash management, trade finance and investment management for donors, NGOs and financial institutions.

find out more

SUDAN

Crown Agents has worked in Sudan for the past 40 years, assisting public bodies such as Sudan Railways, the Finance Ministry, and the Central Bank. We provide a full range of services, including supply chain services, public financial management, international banking and training. Our work has included arranging for the transportation of vehicles and equipment for use by African peacekeepers in Darfur and reforming the humanitarian system through the Sudan Common Humanitarian Fund.

SOUTH SUDAN

We have been supporting the government of the Republic of South Sudan to build a strong and effective state since the country’s independence on 9 July 2011.  In partnership with the new government, donors and other organisations, such as DFID and TradeMark East Africa, our public financial management, supply chain and consultancy expertise is supporting a number of projects.

Our customs administration reform and capacity building efforts have helped boost the post-conflict country’s revenue by 1,100 per cent.  We are also managing the Health Pooled Fund, which is the country’s largest health sector project, to ensure the delivery of essential health services to citizens and transfer ownership of the health system from NGOs to the government in six of the country’s ten states.

TRAINING

Public financial management systems are essential for the implementation of government policies and achievement of developmental objectives.
 

This course explores the fundamentals of governance reforms and the key issues and solutions across the PFM landscape including budget preparation and execution, accounting, monitoring and evaluation, performance measurement and auditing.

It also explains management theories and strategic planning frameworks essential to understanding the current issues and trends in integrated PFM reforms.

What the the DFID 2011-15 programs in South Sudan?

Students - internal control

Internal audit around the world
SOX The 2013 Framework
Compliance efficiency review

 Basic concept video

Internal Control and Internal Audit with MindsetLearn https://t.co/9xi9kvUsbY Notes http://t.co/k36lc4mAgW
— peter i brealey (@KhartoumFCA) September 24, 2014

What is SOX compliance? https://t.co/TvD6OzN3Ka After Enron et al SOX background https://t.co/aTUKsp2cE3 discussion https://t.co/PrpDclskby
— peter i brealey (@KhartoumFCA) September 24, 2014

Students - commercial bank valuation, the dividend discount model

Basic concept video 

I like this basic concept video. The presenter manages to capture the key concepts underlying a 100 page report in 20 minutes giving a sound and sensible basis for communicating the valuation reports findings and conclusion to others.

Equity Analysts notes for leading commercial banks
Here are 4 equity analysts thoughts on 4 leading commercial banks

More advanced
A report from McKinsey
Basel Accords http://www.bis.org/

What is Inclusive Finance?

UN Photo/Mark Garten

Secretary-General Ban Ki-moon (right) meets with Queen Maxima of the Netherlands, his Special Advocate for Inclusive Finance for Development.

 http://www.unpri.org/areas-of-work/piif/
 …
Microfinance Initiatives http://www.unpri.org/viewer/?file=wp-content/uploads/2012-11Reponsibleinvestmentinitiativesaccompanyingbriefing.pdf

IFRS21

IFRS Foundation free registration to view standards and login area

The accounting standard IAS 21 sets out how reporting entities should include foreign currency transactions and foreign operations in their financial statements. 
ICAEW link

Recommended Video
Summary of IAS21
IAS21

Mining in Kenya

A recommended note on mining in Kenya from Mayer Brown

Auditing standards - links

• 
• http://www.ifac.org/

Scientific programme for World Congress of Accountants November 10-13 2014 Rome

• The Audit Directive of 17 May 2006 enforces the use of the International Standards on Auditing for all Statutory audit to be performed in the European Union.
• ICAEW
• IAS changes

The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards.

• The final set of clarified standards comprise 36 International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1, including:
  • One new standard, addressing communication of deficiencies in internal control;
  • 16 ISAs containing new and revised requirements (these have been referred to as "revised and redrafted ISAs"); and
  • 20 ISAs that have been redrafted to apply the new conventions and reflect matters of general clarity only (these have been referred to as "redrafted ISAs and redrafted ISQC 1").
  
  

  Structure of the ISAs

  The ISAs now have a new structure, in which information is presented in separate sections: Introduction, Objective, Definitions, Requirements, and Application and Other Explanatory Material. 
  Introduction
  Introductory material may include information regarding the purpose, scope, and subject matter of the ISA, in addition to the responsibilities of the auditors and others in the context in which the ISA is set.
  Objective Each ISA now contains a clear statement of the objective of the auditor in the audit area addressed by that ISA.
  DefinitionsFor greater understanding of the ISAs, applicable terms have been defined in each ISA.
  RequirementsEach objective is supported by clearly stated requirements. Requirements are always expressed by the phrase "the auditor shall."
  Application and Other Explanatory Material
  The application and other explanatory material explains more precisely what a requirement means or is intended to cover, or includes examples of procedures that may be appropriate under given circumstances.
  
  

  ISAs and ISQC 1

  A complete list of the individual standards that comprise the clarified ISAs, as well as ISQC 1, is below. These standards are available to view and/or download under Publications & Resources.
  The Basis for Conclusions for each ISA and ISQC 1 can be found under Publications & Resources. These staff-prepared documents provide background information, main comments received on the exposure drafts, and the IAASB's conclusions regarding these comments in developing the final standard.
  In finalizing the 2012 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (the handbook), editorial and formatting changes were made to some ISAs from the 2010 handbook. Abridging document has been prepared which provides an overview of these changes.
  • ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing 
  • ISA 210, Agreeing the Terms of Audit Engagements 
  • ISA 220, Quality Control for an Audit of Financial Statements
  • ISA 230, Audit Documentation 
  • ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements 
  • ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements 
  • ISA 260, Communication with Those Charged with Governance 
  • ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
  • ISA 300, Planning an Audit of Financial Statements 
  • ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
  • ISA 320, Materiality in Planning and Performing an Audit 
  • ISA 330, The Auditor's Responses to Assessed Risks 
  • ISA 402, Audit Considerations Relating to an Entity Using a Service Organization 
  • ISA 450, Evaluation of Misstatements Identified during the Audit 
  • ISA 500, Audit Evidence 
  • ISA 501, Audit Evidence-Specific Considerations for Selected Items 
  • ISA 505, External Confirmations 
  • ISA 510, Initial Audit Engagements-Opening Balances 
  • ISA 520, Analytical Procedures 
  • ISA 530, Audit Sampling 
  • ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 
  • ISA 550, Related Parties 
  • ISA 560, Subsequent Events 
  • ISA 570, Going Concern
  • ISA 580, Written Representations 
  • ISA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)  
  • ISA 610, Using the Work of Internal Auditors 
  • ISA 620, Using the Work of an Auditor's Expert
  • ISA 700, Forming an Opinion and Reporting on Financial Statements 
  • ISA 705, Modifications to the Opinion in the Independent Auditor's Report
  • ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report 
  • ISA 710, Comparative Information-Corresponding Figures and Comparative Financial Statements 
  • ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
  • ISA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 
  • ISA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 
  • ISA 810, Engagements to Report on Summary Financial Statements 
  • International Standard on Quality Control (ISQC) 1, Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements

Can you help inspire the next generation of ICAEW Chartered Accountants? http://t.co/Y6xtnydG1k
— ICAEW (@ICAEW) September 16, 2014

Global tax reform

Pessimism over global tax reform success according to @GrantThorntonUK report: http://t.co/iRBccARCHy
— ICAEW (@ICAEW) September 15, 2014

History of the Sudan and its public finances - Abd Al Rahman Al Mahdi

Abd Al Rahman Al Mahdi

There are many modern stereotypes about Sudan.  However a sound basis for understanding modern Sudan is a study of Sudan's long history upto independance over 50 years ago.
Durham University holds a remarkable collection of historical material
https://www.dur.ac.uk/library/asc/sudan/

A typically independant line from the Sudan Tribune
http://www.sudantribune.com/spip.php?article52254