Phase One: Pre-Implementation Monitoring
To obtain pre-implementation information from a number of countries and firms about their experiences in introducing clarified International Standards on Auditing (ISAs).
The objective of Phase 1 is to consult with key stakeholders to understand how XBRL is actually 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.
The objective of Phase 2 is to apply the findings of the consultation in developing a pronouncement:
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.
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.
