This publication was prepared by the IAASB Group Audits Task Force to update the issues under consideration in the revision of ISA 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address other international standards, including ISA 220, Quality Control for an Audit of Financial Statements, and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements.
IAASB Chairman Arnold Schilder, Deputy Chair Megan Zietsman, Technical Director Matt Waldron, and members Fiona Campbell and Ron Salole discuss the September board meeting and highlight key discussions and decisions.
0:00 to 1:30 Introduction
1:35 to 4:00 Chairman’s Overview
4:07 to 10:15 ISA 315 (Revised)
10:20 to 23:16 Quality Control
23:21 to 25:16 Agreed-Upon Procedures
25:18 to 33:21 Overview of Other Matters Discussed During the Week
IAASB Quality Control Task Force Chair, Karin French, leads a discussion on proposed changes to International Standard on Quality Control (ISQC) 1 for firms. The proposed changes will result in a restructured and enhanced standard that will change the current approach to firms' systems of quality control.
Observations of the IAASB-IAESB-IESBA Professional Skepticism Working Group
In 2015, the International Auditing and Assurance Standards Board (IAASB), International Ethics Standards Board for Accountants (IESBA), and the International Accounting Education Standards Board (IAESB) convened a small, cross-representational working group—the Professional Skepticism Working Group—to formulate views on whether and how each of the three boards’ sets of international standards could further contribute to strengthening the understanding and application of the concept of professional skepticism as it applies to an audit.
