AC News Issue 57 / Q2 2017

AC News Issue 57 / Q2 2017

The Audit Committee News is a quarterly publication, exclusively in electronic format since 2013, which informs you about all of the latest trends in its core focus areas of corporate governance, risk management & compliance and corporate reporting. The AC News features articles penned by experts from Switzerland and many other countries around the world.

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Editorial

Esteemed Board members,
 

On 12 February 2017, the Corporate Tax Reform III was rejected at the ballot box with a surprisingly large majority. However, the reform of the corporate tax system remains an important issue and Boards of Directors are well advised to tackle tax planning, especially in view of the forthcoming kicking in of various sunset clauses for special tax regimes.
 

Global prevention of corruption has intensified in the last few years. In this context, the revised Swiss Criminal Code on corruption became effective as at 1 July 2016. The bribing of individuals was taken out of the law on unfair competition and was declared to be a criminal offense liable to public prosecution. Especially smaller and medium-sized enterprises that do not yet dispose of a mature compliance structure should consider performing a risk analysis and undertaking appropriate measures that prohibit bribery. Moreover, also existing compliance management systems should be reviewed in view of the tightened provisions in Switzerland and the more intensified fight against corruption around the globe. ISO 37001, which certifies the quality of a compliance management system in regard to anti-bribery efforts published in October 2016 may be helpful for this.
 

Shared service centers can be of great value to companies. Advantages may go far beyond mere financial aspects. However, in order for these to be successful, it is important to keep critical factors in mind when implementing such a shared service center.
Shared services are also undergoing rapid evolution. Important drivers are technological progress (i.e. digitalization) but also organizational aspects and developments regarding content. Global Business Services is a next-generation model enabling integral central services at a global level. Accepting such changes may also be contingent on the kind of corporate culture a company has.
 

As always, enjoy the read!
 

Kind regards,
Philipp Hallauer and Hélène Béguin 

Corporate Tax Reform III

On 12 February 2017, the Corporate Tax Reform III was rejected at the ballot box with a surprisingly large majority. However, the reform of the corporate tax system remains an important issue and Boards of Directors are well advised to tackle tax planning, especially in view of the forthcoming kicking in of various sunset clauses for special tax regimes.

Read more: Article by Stefan Kuhn and Oliver Eichenberger (PDF, in German)
 

The new criminal law provisions on corruption

The revised Swiss Criminal Code on corruption became effective as at 1 July 2016. Especially smaller and medium-sized enterprises that do not yet dispose of a mature compliance structure should consider performing a risk analysis and undertaking appropriate measures. Existing compliance directives may also need to be checked for potential risks.

Read more: Article by Jörg Kilchmann (PDF, in German)

ISO 37001

On 13 October 2016, the International Organization for Standardization (ISO) issued the first international standard, ISO 37001, for anti-bribery management systems. This article shows what impact this standard will have on businesses and its importance.

Read more: Article by Marvin Schilling (PDF)

Success Story Shared Service Centers

Shared service centers can be of great value to companies. Advantages may go far beyond mere financial aspects. However, in order for it to be successful, it is important to keep critical factors in mind when implementing it.

Read more: Article by Kai-Eberhard Lueg / ACI Germany (PDF, in German)

The Future of Shared Services

Shared services are currently undergoing rapid evolution. Important drivers are technological progress (i.e. digitalization) but also organizational aspects and developments regarding content. Accepting such changes may also be contingent on the kind of corporate culture a company has.

Read more: Article by Kai-Eberhard Lueg / ACI Germany (PDF, in German)

Global Business Services and digitalization

Global Business Services is a next-generation model enabling central services at a global level. In view of the rapid evolution in regard to digitalization, it is important to lay the strategic and operational groundwork now.

Read more: Article by Chinmay Nair (PDF)

The independence of audit firms

The audit committee should assess the audit firm’s independence at least once a year and define measures to ensure compliance. In turn, the audit firm must dispose of internal policies and processes that ensure that its independence is maintained at all times.

Read more: Audit Committee Handbook Chapter 6, part III (PDF)

The World of Corporate Governance

In this issue on “World of Corporate Governance” we introduce the USA.

Read more: Article by ACI Germany (PDF, in German)

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