Welcome to IFAC’s International Auditing and Assurance Standards Board (IAASB) eNews.
In This Issue:
1. Invitation to Comment: Improving the Auditor’s Report
2. Highlights—53rd Meeting of The IAASB—June 11-15, 2012
3. International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements
4. IAASB Strategy and Work Program, 2012–2014
5. Other 2012 IAASB Activities
1. Invitation to Comment: Improving the Auditor’s Report
The IAASB has unanimously approved and released a milestone consultation document in its work to enhance, on a global basis, the communicative value of the auditor’s report on financial statements. The IAASB’s Invitation to Comment (ITC): Improving the Auditor’s Report sets out the indicative direction of the board’s future standard-setting proposals to improve how and what auditors report in accordance with International Standards on Auditing (ISAs).
The ITC features a revised auditor’s report that illustrates the application of the IAASB’s suggested improvements. It also provides the IAASB’s rationale for the suggested improvements, together with a discussion of their potential value and impediments, and in what areas feedback is sought. The ITC will be open for public comment through October 8, 2012. The At a Glance publication provides an overview of the ITC.
The IAASB chairman, Arnold Schilder, and deputy chair Dan Montgomery were featured in the Wall Street Journal’s CFO Report, where they discussed the IAASB’s project.
The IAASB approved the Invitation to Comment at the June 2012 meeting. Further information on the project, including a schedule of future round table meetings and a brief podcast on meeting outcomes, can be found at the IAASB’s Auditor Reporting page. |
2. Highlights—53rd Meeting of The IAASB—June 11-15, 2012
• International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements
The IAASB approved for issue, subject to confirmation by the Public Interest Oversight Board, ISRE 2400 (Revised), Engagements to Review Historical Financial Statements. ISRE 2400 (Revised), which is effective for reviews of financial statements for periods ending on or after December 31, 2013.
• Assurance Engagements Other than Audits or Reviews of Historical Financial Information
The IAASB provided input on certain key directional issues arising from comments received on the exposure draft of proposed International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. The IAASB will consider a full review of comments received on the exposure draft of ISAE 3000 and a revised draft of the ISAE at its September 2012 meeting. • Disclosures
The IAASB discussed certain directional issues related to the topic of auditing financial statement disclosures. The IAASB will consider a project proposal on the topic at its September 2012 meeting. For more information, including meeting highlights and a link to a podcast summary of key meeting outcomes, please visit the IAASB’s meeting page.
• Next Meeting
The next IAASB meeting will be held in New York, NY, USA, on September 17– 21, 2012. |
3. International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements
The IAASB released ISAE 3410. This new standard addresses an increasingly relevant global assurance service in support of reliable emissions reporting, whether for regulatory compliance purposes or undertaken on a voluntary basis to inform investors, consumers, and others. The Basis for Conclusions explains the IAASB’s deliberations in developing the new ISAE. The At a Glance publication provides an overview of the ISAE.
4. IAASB Strategy and Work Program, 2012–2014
The IAASB released its Strategy and Work Program, 2012–2014. Developed through wide public consultation, it sets the direction and priorities for the IAASB’s activities over the next three years with a focus on: supporting global financial stability; enhancing the role, relevance, and quality of assurance and related services in today’s evolving world; and facilitating adoption and implementation of the IAASB’s standards. The document identifies the enhancement of auditor reporting and standards as a main priority for 2012-2014.
|
