Lower levels of demand. Disruptions to supply chains. Increases in exceptional, nonrecurring operational costs. These are the key factors which have led to a loss situation faced by many companies of multinational groups during the COVID-19 pandemic, irrespective of whether they are a limited risk or a fully fledged entity. What is the OECD’s view regarding how entities should approach transfer pricing in light of these circumstances?

Mazars, the international audit, tax and advisory firm, today releases the results of its survey of 500 audit users and decision makers from 12 countries in ‘The future of audit: market view - myths, realities and ways forward’. Data from 12 countries increases understanding of today’s audit market and helps dispel four ‘myths’ relating to audit’s objectives, appetite for joint audit and the role of auditors and technology Vast majority (93%) of audit users think audit needs to be reformed and 87% are favourable to joint audit Companies overwhelmingly welcome auditors expanding assurance services beyond financial reporting (96%); value a human-centric approach supported by technology to reinforce audit quality; and view boosting objectivity, confidence, and performance as primary audit goals