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  • Auditor Reporting: The IAASB's #1 Priority

    English

    The IAASB's June 2012 Invitation to Comment: Improving the Auditor’s Report provided an indicative direction of the board’s future standard-setting proposals to improve how and what auditors report. Starting on page 9, the ITC featured an illustrative auditor’s report with the IAASB’s suggested improvements, and provided the board’s rationale for them. It also discussed the potential value and impediments of each of the suggested improvements.

    At the heart of the suggested improvements is the need for transparency on matters specific to the audited financial statements and the audit that was performed. A proposed new section in the auditor’s report, “Auditor Commentary,” is envisaged to be the mechanism by which auditors may call attention to matters that are, in the auditor’s judgment, likely to be most important to the users’ understanding of the audited financial statements or the audit. There are also suggested improvements with respect to new statements regarding going concern and other information in documents containing the audited financial statements, the description of the responsibilities of the auditor and key features of the audit itself, and enhancement to the format of the auditor’s report.

    To further inform this important initiative, the IAASB held three global roundtables in 2012. These events brought together representatives from a broad range of stakeholder groups to share perspectives on the IAASB’s suggested improvements to the auditor’s report.


    Contribute to the Future of Auditor Reporting

  • IESBA eNews: May 2019

    New York, New York English
    SAVE THE DATE – eCode Launch
    To coincide with the revised and restructured Code coming into effect on June 15, 2019, the IESBA is making final preparations for its eCode launch in late June. The eCode is an innovative way of engaging with the International Code of Ethics for Professional Accountants. With its simple, visually appealing accordion design, the eCode emphasizes the Code’s “building blocks” architecture and scalability. The eCode’s electronic features, including links to non-authoritative materials, will assist users to better understand, navigate, and consistently apply the Code.
    Join us for an upcoming webinar to learn more.
     
    Count Down to the New Code!
    It is hard to believe but there is less than one month to go before the revised and restructured Code becomes effective!

    To raise awareness and explain the new Code’s structural and substantive improvements, the IESBA held two global webinars in March and April 2019. The webinars were attended by more than 1,000 participants from more than 100 jurisdictions. The webinar is available online for those who weren’t able to participate or want to watch again.

    Additionally, if you’re wondering how the new Code will affect your standards, take a look at the article on the IFAC Global Knowledge Gateway from the IESBA. You can even earn continuing profession development credits!
    For more and the latest support materials, continue to check out the dedicated web page.
    Connecting Global and National Standards

    Robust and lively discussions on key IESBA projects and significant national developments featured prominently in the IESBA’s meeting with national ethics standard setters from 14 jurisdictions in Paris last week.

    In addition, the IESBA held a successful joint session with the International Auditing and Assurance Standards Board and national audit and ethics standard setters to explore enhancing trialogue and mutual engagement. The event also included a session on UK audit market developments and discussion on the developments from an international perspective.

    During this visit, the IESBA and IAASB, in association with the French professional accountancy organizations, Compagnie Nationale des Commissaires aux Comptes and Conseil Supérieur de l'Ordre des Experts-Comptables, hosted a successful two-day international working conference. The conference drew more than 80 delegates who explored how the two standard-setting boards can best respond to the challenges related to less complex entities in their standard-setting activities.

    While in Paris, IESBA representatives also met with members of the regulatory community, international organizations and firms, including Haut Conseil du commissariat aux comptes, European Securities and Markets Authority, and the Organisation for Economic Co-operation and Development, as part of its outreach activities.

    Alignment with ISAE 3000 (Revised)
    The IESBA has proposed changes to Part 4B of the Code, Independence for Assurance Engagements Other than Audit and Review Engagements to align it to changes to terms and concepts in the IAASB’s International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

    Comments are requested by June 26, 2019.

    Read more
    Questions about Long Association?

    IESBA staff has released an updated Q&A publication incorporating additional frequently asked questions. The publication is aligned to the restructured version of the revised Long Association provisions, which came into effect for audits of financial statements for periods beginning on or after December 15, 2018.

    Read more

    Non-assurance Services
    At its March meeting, the IESBA discussed key policy decisions and direction for proposed revisions to Section 600 of the Code. Section 600 addresses the permissibility of firms providing non-assurance services to audited entities from an independence perspective.

    The IESBA will progress its deliberations, including proposed changes to Section 600 and other related sections, at its June 2019 meeting.

    Read more 
    Fees

    At its March meeting, the IESBA also considered initial proposals for possible revisions to the fee-related provisions in the Code, in particular International Independence Standards Section 410, Fees.

    The IESBA will progress these deliberations at its June 2019 meeting as well, including proposed changes to fee-related provisions in the Code.

    Read more 

    Upcoming IESBA Meeting Dates
    June 17 - 19, 2019 | National Association of State Boards of Accounting (NASBA) Office, Nashville
    September 16 - 19, 2019 | American Institute of CPAs Office, New York
    December 3 - 6, 2019 | IFAC Office, New York
    Register to attend the IESBA meeting.
    Key Upcoming Outreach
    May 2019 | Russia | International Conference on the IESBA Code of Ethics and outreach to stakeholders from the regulatory community and the profession
    May 2019 | Costa Rica | CReCER Conference
    Follow us on Twitter for latest news!
    Want to know more?
    Read the minutes and working papers for all our IESBA meetings. They’re a great information source about project progress and how we support and protect the public interest.
    The IESBA’s multi-stakeholder Consultative Advisory Group (CAG) meets a week before the board to provide strategic input on our meeting agenda materials, as well as our projects and initiatives more broadly. You can also read all the CAG’s minutes and working papers.

  • Let's Talk Technology

    As part of the IAASB’s technology focus, this publication provides an update on efforts to appropriately address the technology related issues in recently and soon-to-be issued standards and exposure drafts. It also includes additional relevant news and information on technology in audit, and recent technology working group activities.

    IAASB
    English
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