The International Auditing and Assurance Standards Board (IAASB) 2014/2015 Biennial Report, Championing Change in the Public Interest, explains how the IAASB is responding to the ever-evolving environment in which audits and other assurance services are conducted.
Meeting highlights include updates on the Responding to Non-compliance with Laws and Regulations, Structure of the Code, Safeguards, Long Association, and Part C projects.
The IESBA agreed in principle the final provisions in the Code regarding responding to non-compliance with laws and regulations, subject to the deliberations of the International Auditing and Assurance Standards Board® (IAASB®) regarding consequential and conforming amendments to IAASB standards. The new pronouncement is expected to be issued and included in the 2016 Handbook in Q3.
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The IESBA Consultative Advisory Group (CAG) meeting included discussions on Safeguards and a presentation on the Institute of Chartered Accountants of Scotland Power of One initiative. On March 8, a joint session with the IAASB CAG included discussions on Responding to Non-compliance with Laws and Regulations and Professional Skepticism, as well as a presentation on the Organisation for Economic Co-operation and Development’s Anti-Bribery Convention.
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The Exposure Draft includes the first application of the proposed new structure and drafting conventions for the Code. Key features of the proposed restructuring include clearer language; requirements distinguished from application material; increased clarity of responsibility; and reorganized content. See the IESBA Update for implementation implications and the IESBA’s plan for coordinating the restructuring of the Code with its other open projects.
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IESBA Chair Dr. Stavros Thomadakis participated in the IAASB‘s first global audit quality roundtable, which aimed to elicit direct input to its consultation: Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control, and Group Audits. The Invitation to Comment highlights, in particular, a joint initiative among the IAASB, IESBA, and International Accounting Education Standards Board® on professional skepticism.
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At its March 11-12 meeting, the Public Interest Oversight Board (PIOB) approved the re-appointment of IESBA CAG Chair Kristian Koktvedgaard. The PIOB also approved due process for the changes to Part C of the Code Addressing Preparation and Presentation of Information and Pressure to Breach the Fundamental Principles.
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Mr. Koktvedgaard was re-elected for a three-year term effective July 1, 2016 by the IESBA Consultative Advisory Group (CAG) membership.
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The IESBA is re-exposing, on a limited basis, certain revised provisions in Section 290 of the Code dealing with long association of audit personnel with an audit client. The Exposure Draft comment period closes on May 9, 2016.
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The IESBA is recruiting a Principal to join its international ethics standards development team based in New York. Visit our website for the full job description and required skills and experience for this role.
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For more info, or to register to attend an IESBA meeting as an observer, visit Ethics Board Meetings and Ethics Board CAG Meetings.
IFAC representatives participated in the Third Regional Forum for Professional Accountancy Organizations (PAOs) in Europe and Central Asia in Vienna, Austria, on April 28. The event was organized by the World Bank Center for Financial Reporting Reform as part of the “Road to Europe: Program of Accounting Reform and Institutional Strengthening” and the “Strengthening Auditing and Reporting in the Countries of the Eastern Partnership” programs (also known as EU-REPARIS and STAREP, respectively).
The Forum brought together representatives from over 20 PAOs from countries in Central, Southeast, and Eastern Europe, as well as experts from the World Bank and the International Accounting Standards Board.
IFAC staff shared the IFAC Member Compliance Program Strategy for 2016-2018, which focuses on producing both qualitative and quantitative analyses of standards adoption, enhanced monitoring of compliance with the IFAC Statements of Membership Obligations, and revising its enforcement framework.
In addition, representatives of IFAC member organizations from Ireland and Singapore, as well as the Chair of the Forum of Firms, participated in panel discussions on the role of PAOs in economic growth and the challenges they face in developing a sustainable business model.