New globally accepted standards aim to improve investor confidence and “reduce the risk of material misstatements”.

The International Auditing and Assurance Standards Board (IAASB) has published a public consultation for its 2024-27 proposed strategy and work plan, with it wishing to develop an overarching standard for assurance on sustainability reporting.

Read the full article at the ESG Investor website.

Tom Seidenstein seems drawn to challenges. Before becoming chairperson of the International Auditing and Assurance Standards Board (IAASB) he worked at Fannie Mae. An institution at the heart of the global financial crisis.   

“A key theme from IAASB, to Fannie Mae, to the role I played at the IFRS Foundation from its founding to 2011 - is this idea of efficient markets. They require high-quality reporting supported by assurance and audit so that capital is allocated efficiently and increasingly with the eye towards greater sustainability.”

Read the full article on the Accounting Weekly website (Compliance Week subscription requried).

Greg Schollum joined the IAASB in January 2023 after being nominated by External Reporting Board of New Zealand.

Mr. Schollum is the Deputy Controller and Auditor-General of New Zealand, a position he has held for seven years. Thirty-four of his 42-year career has involved him in an audit capacity in both the public and private sectors. He has served on standard-setting boards in New Zealand and internationally, including serving for five years on the International Public Sector Accounting Standards Board.

Mr. Schollum graduated with a Bachelor of Management Studies (Major in Accounting) from the University of Waikato, New Zealand.

Neil Morris became a member of the IAASB in January 2023. He was nominated by the Transnational Auditors Committee.

Mr. Morris is currently the Global Head of Assurance and ESG Methodology at KPMG. He is a Chartered Accountant and has 24 years' experience with KPMG in South Africa and the United Kingdom. His work experience includes risk management, climate change and sustainability, financial audit, and assurance technical support.

Mr. Morris is a member of the South African Institute of Chartered Accountants (SAICA) and a Registered Auditor with the South African Independent Regulatory Board for Auditors (IRBA). He has served on various committees and working groups for both SAICA and the IRBA.

Mr. Morris has a Bachelor of Commerce in Accounting from the University of Cape Town and a Bachelor of Commerce Honours in Accounting from the University of KwaZulu-Natal.

This fact sheet focuses on the interactions between International Standard on Auditing (ISA) 220 (Revised) on quality management at the engagement level and ISA 600 on group audits.