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    May 05, 2010

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    IAASB eNews

    In This Issue:

    1. IAASB Meetings
    2. Open for Comment - Questionnaire on the IAASB's 2012-2014 Strategy and Work Program
    3. Open for Comment - Exposure Draft of ISAE 3420, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus
    4. Of Interest to Small and Medium Practitioners (SMPs) - IAASB Progresses Revisions of Review and Compilation Standards
    5. Recently Issued Publications
    6. Share IAASB eNews with Your Colleagues

    1. IAASB Meetings

    The most recent IAASB meeting was held on March 15-19, 2010 in New York.

    In addition to the projects discussed in this eNews, the IAASB deliberated issues relating to the following projects:

    • Revision of International Standard on Auditing (ISA) 610, Using the Work of Internal Auditors
    • Revision of ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
    • Revision of International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information
    • Revision of International Auditing Practice Statement (IAPS) 1012, Auditing Complex Financial Instruments
    • Development of ISAE 3410, Assurance on a Greenhouse Gas Statement

    The IAASB will meet via teleconference on May 11, 2010 and in Mainz, Germany on June 14-18, 2010. As a reminder, all meeting agenda materials are publicly available posted on the IAASB's website in advance of the meetings and audit recordings are posted after the meetings. Visit www.iaasb.org/Meetings.php.

    2. Open for Comment - Questionnaire on the IAASB's 2012-2014 Strategy and Work Program

    The IAASB has launched an online questionnaire to inform the development of its strategic direction and related work program for 2012-2014.

    The questionnaire serves as the first stage of the IAASB's 18-month consultation process. Through the survey, the board seeks feedback on the challenges facing the accountancy profession; the IAASB's current strategic focus on the development, adoption, and implementation of standards; the needs of small-and medium-sized practices (SMPs) and small-and medium-sized entities (SMEs); and current and future projects, among other topics.

    The results of the questionnaire will be used to develop a formal Consultation Paper on the IAASB's future strategy and work program, to be issued in December 2010.

    Responses to the online questionnaire are requested by May 14, 2010.

    3. Open for Comment - Exposure Draft of ISAE 3420, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus

    At its March 2010 meeting, the IAASB approved for exposure proposed ISAE 3420, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus. The proposed standard deals with the practitioner's responsibilities to report on the process of compiling pro forma financial information for inclusion in an issuer's prospectus.

    The proposed standard responds to calls from stakeholders for common standards of reporting in relation to issuers' financial information included in prospectuses. This is particularly relevant in light of the growing number of cross-border securities offerings and the globalization of capital markets. The proposed new standard is aimed at promoting the development and convergence of market practice around the world by establishing clear, globally accepted benchmarks for the performance of such engagements.

    Comments should be submitted using the online comment system by September 30, 2010.

    4. Of Interest to Small and Medium Practitioners (SMPs) - IAASB Progresses Revisions of Review and Compilation Standards

    The IAASB continues to make progress in developing international engagement standards for financial statement services other than audits.

    Placing high priority on further addressing the needs of SMEs, as a first step the IAASB has focused its efforts on revising two existing standards:

    • International Standard on Related Services (ISRS) 4410, Engagements to Compile Financial Statements; and
    • International Standard on Review Engagements (ISRE) 2400, Engagements to Review Financial Statements.

    This strategic focus recognizes that the IAASB plays a leading role in exploring standards for a range of services other than the financial statement audit that may be appropriate for SMEs. While such entities may seek to have audits on a voluntary basis, and the users of their financial statements (such as lending institutions) may request that audits be performed, the implication is clear-there is a market demand for services that meet the unique needs of SMEs and the users of their financial information.

    The IAASB discussed the project at its March meeting and will further deliberate the issues at its June and September 2010 meetings. While significant deliberations still remain over the next several months, the IAASB is on schedule to issue proposed standards for public comment by the last quarter of 2010.

    A Staff Update, which provides more details on the project, can be accessed at www.ifac.org/IAASB/ProjectHistory.php?ProjID=0096.

    5. Recently Issued Publications

    The IAASB has released its 2009 annual report, which highlights the completion of the landmark Clarity Project to redraft the ISAs, the development of adoption and implementation resources for the ISAs, and the launch of innovative new projects to address emerging issues.

    Public input is essential to ensuring that the IAASB has insights on the different perspectives of international regulators and organizations, national auditing standard setters, practitioners, academia, and other stakeholders. The report outlines all of the outreach activities that the IAASB participated in during 2009. These activities demonstrate the board's commitment to actively engaging with its stakeholders.

    IFAC has also recently released the 2010 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements and the 2010 Handbook of the Code of Ethics for Professional Accountants.

    The handbooks can be downloaded free of charge in PDF format or purchased in print from IFAC's Publications and Resources site: web.ifac.org/publications.

    6. Share IAASB eNews with Your Colleagues

    The IAASB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and let them know that they can subscribe to this and other eNews bulletins at the eNews sign-up page at www.ifac.org/e-news.


    For more information about any of the items mentioned above or other information about IFAC, please contact communications@ifac.org.

    About the IAASB
    The IAASB (
    www.iaasb.org) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

    About IFAC
    IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. Through its standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

     

     

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