Assurance and Related Services on Financial Information Other Than Audits - Compilation Engagements and Review Engagements
The objectives of this project are:To revise ISRE 2400, Engagements to Review Financial Statements and ISRS 4410, Engagements to Compile Financial Statements.To develop appropriate communications with key stakeholders to promote awareness of different types of services professional accountants may provide in relation to financial information, including assurance services, related services and combinations of services.To consider the need for development of other services to meet user needs relating to historical financial statements and other historical financial information, in addition to the existing range of professional services.
Contact: Ken Siong
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Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
To develop a new International Standard on Assurance Engagements (ISAE) 3420 to deal with reasonable assurance engagements undertaken by professional accountants to report on the compilation of pro forma financial information by entities for inclusion in their prospectuses.
Contact: Ken Siong
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Assurance on a Greenhouse Gas Statement
To address professional accountants' responsibilities with respect to assurance engagements on Greenhouse Gas Statement.
Contact: Beverley Bahlmann
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Assurance Reports on a Service Organization's Controls - Completed
To develop a new International Standard on Assurance Engagements: ISAE 3402, Assurance Reports on a Service Organization's Controls.
Contact: Michael Nugent
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Audit Considerations Relating to Entities Using Service Organizations - Completed
To revise ISA 402, Audit Considerations Relating to Entities Using Service Organizations.The IAASB approved ISA 402 (Revised and Redrafted),Audit Considerations Relating to an Entity Using a Service Organization in December 2008. The ISA will be published after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Kathleen Healy
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Audit Documentation - Completed
The objective of this project was to revise ISA 230, Documentation. The project resulted in the issue of ISA 230 (Revised), Audit Documentation. ISA 230 (Revised) is effective for audits for financial periods beginning on or after June 15, 2006. The Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
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Audit of Group Financial Statements - Completed
The objective of this project was to revise ISA 600, Using the Work of Another Auditor. The project resulted in the issue of ISA 600 (Revised and Redrafted), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors). The ISA is effective for audits of group financial statements for periods beginning on or after December 15, 2009. The Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard. Contact: Alta Prinsloo (altaprinsloo@ifac.org)
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Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures - Completed
The objective of this project was to redraft the close off version of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures (Other Than Those Involving Fair Value Measurements and Disclosures), in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs, and to revise it to include auditing considerations relating to fair value accounting estimates and disclosures. The IAASB approved ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures in December 2007. The ISA was published in February 2008 after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Kathleen Healy
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Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements - Completed
The objective of this project was to revise ISA 240, The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements. The project resulted in the issue of ISA 240 (Revised), The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements. ISA 240 is effective for audits of financial statements for periods beginning on or after December 15, 2004.
Contact: Alta Prinsloo
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Clarity of IAASB Standards - Completed
The objective of this project is to improve the clarity of the IAASB's International Standards on Auditing (ISAs).
Contact: James Gunn
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Communicating Deficiencies in Internal Control - Completed
The objective of this project is to develop a clear definition of the thresholds at which deficiencies in internal control that the auditor has identified during the audit should be communicated to management and those charged with governance, and to provide enhanced guidance regarding the auditor's communication responsibilities. The IAASB approved ISA 265,Communicating Deficiencies in Internal Control to Those Charged with Governance and Management in December 2008. The ISA will be published after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Ken Siong
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Communication With Those Charged With Governance - Completed
The objective of this project was to revise ISA 260, Communication of Audit Matters with Those Charged with Governance. The IAASB approved ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance in September 2007. The ISA was published in December 2007 after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009.
A Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Michael Nugent
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Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report - Completed
The objective of this project was to redraft the close off document of ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs. The IAASB approved
Contact: Kathleen Healy
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Engagements to Report on Summary Financial Statements - Completed
The objective of this project was to redraft the close off document of ISA 805 (Revised), Engagements to Report on Summary Financial Statements, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs. The IAASB approved ISA 810 (Revised and Redrafted), Engagements to Report on Summary Financial Statements in September 2008. The ISA will be published after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA will be effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Alta Prinsloo
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External Confirmations - Completed
To revise ISA 505, External Confirmations. The IAASB approved External Confirmations[/link] in September 2008. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A [link="http://web.ifac.org/download/Basis_for_Conclusions_ISA_505_Revised_and_Redrafted.pdf">Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: James Gunn
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Fair Value Auditing Guidance
To determine how best to approach the development of any possible further fair value auditing guidance.
Contact: Kathleen Healy
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Guidance on Auditing Complex Financial Instruments
To develop guidance for auditors dealing with complex financial instruments.
Contact: Brett James
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Materiality in Planning and Performing an Audit and Evaluation of Misstatements Identified during the Audit - Completed
The objective of this project was to redraft the close off documents of ISA 320 (Revised), Materiality in Planning and Performing an Audit, and ISA 450 (Revised), Evaluation of Misstatements Identified during the Audit, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.The IAASB approved ISA 450 (Revised and Redrafted) in June 2008. The ISAs were published in October 2008 after the Public Interest Oversight Board has confirmed that due process was followed in their development. The ISAs are effective for audits of financial statements for periods beginning on or after December 15, 2009. A [link="http://web.ifac.org/download/Basis_for_Conclusions_-_ISAs_320_and_450_(Revised_and_Redrafted).pdf">Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standards.
Contact: Alta Prinsloo
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Modifications to the Opinion in the Independent Auditor's Report - Completed
The objective of this project was to redraft the close off document of ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs. The IAASB approved ISA 705 (Revised and Redrafted), Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Kathleen Healy
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Planning an Audit of Financial Statements - Completed
The objective of this project was to revise ISA 300, Planning, in light of the Audit Risk Standards and recent trends in firms' audit methodologies.
Contact: Ken Siong
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Quality Control - Completed
The objectives of this project were to:Establish basic principles and essential procedures and to provide guidance regarding a firm's responsibilities for its system of quality control for audits and reviews of historical financial information, and other assurance and related services engagements; andRevise the existing ISA 220, Quality Control for Audit Work, relating to the responsibilities of firm personnel with regard to the quality control policies and procedures applicable to audit engagements. This project resulted in the issue of the following two Standards:International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, which requires firms to establish systems of quality control in compliance with the ISQC by June 15, 2005. Firms consider the appropriate transitional arrangements for engagements in process at that date.International Standard on Auditing (ISA) 220 (Revised), Quality Control for Audits of Historical Financial Information, which is effective for audits of historical financial information for periods commencing on or after June 15, 2005. ISA 220, Quality Control for Audit Workwill be withdrawn when ISA 220 (Revised) becomes effective.
Contact: Ken Siong
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Related Parties - Completed
The objective of this project was to revise ISA 550, Related Parties. The IAASB approved ISA 550 (Revised and Redrafted), Related Parties in March 2008. The ISA will be published after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Ken Siong
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Review of Interim Financial Information by the Auditor of the Entity - Completed
The purpose of this project was to establish standards and provide guidance for auditors that review the interim financial information issued by their audit clients.
Contact: Jan Munro
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Special Considerations - Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement - Completed
The objective of this project was to redraft the close off document of ISA 800 (Revised), Special Considerations - Audits of Special Purpose Financial Statements and Elements, Accounts or Items of a Financial Statement, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs. This project resulted in Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks[/link] and [link="http://www.ifac.org/IAASB/Meeting-FileDL.php?FID=4288">ISA 805 (Revised and Redrafted), Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement, which were approved by the IAASB in September 2008. The ISAs will be published after the Public Interest Oversight Board has confirmed that due process was followed in their development. The ISAs will be effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standards.
Contact: Alta Prinsloo
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Status and Authority of the International Auditing Practice Statements
To review the appropriateness of the content of the IAPSs and determine whether they should be withdrawn or revised and the authority of IAPSs and any other implementation guidance that the IAASB may develop.
Contact: Brett James
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The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements - Completed
This project has resulted in the issue of ISA 700 (Revised) and conforming amendments to ISA 200, Objective and General Principles Governing an Audit of Financial Statements, ISA 210, Terms of Audit Engagements, ISA 560, Subsequent Events, ISA 701 (New), Modifications to the Independent Auditor's Report, and ISA 800, The Independent Auditor's Report on Special Purpose Audit Engagements. ISA 700 (Revised) and the conforming amendments to ISAs 560, 710 and 800 are effective for auditors' reports dated on or after December 31, 2006 (early application is not allowed). The conforming amendments to ISAs 200 and 210 are effective for audits of financial statements for periods beginning on or after December 15, 2005.
Contact: Jim Sylph
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Using the Work of An Expert - Completed
The objective of this project was to revise ISA 620, Using the Work of an Expert. The IAASB approved Using the Work of an Auditor's Expert [/link] in September 2008. The ISA is effective for audits of group financial statements for periods beginning on or after December 15, 2009. A [link="http://web.ifac.org/download/Basis_for_Conclusions_ISA_620_Revised_and_Redrafted.pdf"> Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Michael Nugent
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Using the Work of Internal Auditors
To revise ISA 610, Using the Work of Internal Auditors to reflect developments in the internal auditing environment and changes in practice regarding the interactions between the external and internal auditors.
Contact: Ken Siong
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Written Representations - Completed
The objective of this project was to revise ISA 580, Management Representations. The IAASB approved Written Representations[/link] in December 2007. The ISA was published in April 2008 after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A [link="http://web.ifac.org/download/Basis_for_Conclusions_-_ISA_580_Revised_and_Redrafted.pdf">Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
Contact: Alta Prinsloo
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XBRL
In Phase 1, to consult with key stakeholders to understand how XBRL is being used in different jurisdictions as it relates to the filing of an entity's financial statements and how the IAASB should address the public interest considerations when auditors are associated with XBRL data. In Phase 2, to apply the findings of the consultation in developing a pronouncement.
Contact: Kathleen Healy
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Projects
arnoldschilder@iaasb.org