All stakeholders are invited to register and participate.

The IAASB invites you to join its webinar covering the recently released Exposure Draft of Proposed ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors).  The Exposure Draft is open for comment until October 2, 2020. The webinar is scheduled for Thursday, June 11, 2020 from 8:00 am EDT.

In the 90-minute webinar, Len Jui, IAASB Member and Chair of the ISA 600 Task Force, will explain the background of the project and will take you through the key proposed revisions to ISA 600 (Revised).

Please note that some time will be provided during this webinar to answer high-level questions.  A follow-up webinar will be held in August 2020. In that webinar, participants will be provided with more time to ask questions about the Exposure Draft.

This webinar will be recorded and placed on the IAASB Website at a later date.

Click the link below to register:

• Thursday, June 11, 2020; 8:00 am - 9:30 am EDT

If you have any questions, please email Armand Kotze at ArmandKotze@iaasb.org.

On May 15, IAASB released guidance on auditor considerations when undertaking procedures relating to subsequent events, in light of the changing environment due to the COVID-19 Pandemic.

Click here to learn more.

Professional accountants in business and the public sector have important roles to play in leading their organizations through the current crisis and the challenging times ahead. IFAC and its members are focused on supporting accountants as they navigate these uncertain times, and as they address other ongoing opportunities and challenges facing the global profession.

To continue this conversation, the latest report from the IFAC Professional Accountants in Business (PAIB) Committee is now available: Supporting Accountants in Business & Public Sector Through Uncertain Times. It includes highlights from the 2-day virtual meeting of the PAIB Committee, which focused on key topics of relevance to accountants in business, including: 

• Value creation and integrated thinking;
• Latest recruitment trends, evolving accountancy roles, and implications on learning and development;
• Key areas of data for PAIBs;
• Areas of innovation in public sector finance and accounting; and
• Guidance on expanding PAO membership.

Access the report here.

IFAC has released the latest installment of its Exploring the IESBA Code educational series: Exploring the IESBA Code Installment 5 - Independence. The latest installment is live on a new landing page in the "Building Trust and Ethics" portion of the IFAC Website (click here). 

Exploring the IESBA Code is a twelve-month series providing an in-depth look at the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). Each installment focuses on a specific aspect of the Code using real-world situations in a manner that is relatable and practical. Readers will gain a better understanding of the thought process behind important aspects of the Code through storytelling and expert analysis from professionals involved in developing the standards.

A professional accountant can often come across complex or challenging situations that are not black and white. These challenging situations require ethical considerations, some of which are expressly dealt with in the Code. This  unique and informational series was developed by IFAC in collaboration with the International Ethics Standards Board for Accountants (IESBA) to help explain how the Code assists in navigating some of these challenges.

To read and download this and future installments, visit the IFAC website.

Exploring the IESBA Code was published by IFAC and does not form part of the Code. It is non-authoritative and is not a substitute for reading the Code.

For more information about the Code, please click here. 

Today, IFAC published a ‘Small Business Continuity Checklist – How to Survive and Thrive Post Covid-19’.

Small businesses have been disproportionately affected by the COVID-19 pandemic. Most organizations worldwide are small in size, and the importance of small businesses to the global economy is indisputable.

COVID-19 containment measures severely impacted cashflows, disrupted supply chains and put small business survival at risk on an unprecedented scale. Governments worldwide moved quickly to deploy supportive measures for small businesses and entrepreneurs to help them maintain short-term liquidity. However, many are still struggling.

Small- and medium-sized practices (SMPs) have in-depth knowledge of their clients and provide vital guidance for navigating these uncertain times. Research indicates the business advice provided to small businesses from their professional accountant is associated with improved rates of survival, growth, improved decision-making procedures and superior financial performance.

Poor financial management is a leading reason why businesses fail. The Checklist covers key financial management and strategic management tasks, helping businesses to proactively identify and consider essential and timely information.

Many businesses are looking for the “next normal” and a new approach to resilience. Early on, the pandemic accelerated digitization and transformed small businesses responding to drastic consumer behavior shifts. A small businesses ability to survive the current environment, and thrive in the future, will be greatly strengthened by support from their professional accountant.  

The Checklist is included on IFAC’s dedicated COVID-19 web page with many other useful resources.

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a Question and Answer (Q&A) publication, COVID-19: Ethics and Independence Considerations, to highlight aspects of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) that can be relevant in navigating ethics and independence challenges and risks as a result of the COVID-19 pandemic.

The two-part document covers firstly topics relevant to all professional accountants, and secondly, topics pertinent to auditors and other professional accountants in public practice. Dr. Stavros Thomadakis, Chairman of the IESBA, offers his thoughts in the publication’s foreword.

The document can be found on the IESBA’s COVID-19 resource page, which serves as the Board’s landing page for topics related to COVID-19, including links to useful resources.

The IPSASB’s 2nd Research Forum will take place in an online format on Wednesday June 17, 2020 from 14:00 to 17:00 (CEST). The Research Forum together with the CIGAR Workshop 2020 are hosted by the University of South-Eastern Norway, Nord University and University of Essex.

Registration is now open until May 15. Participants can attend both the Forum and the Workshop free of charge. However, registration is essential so that the organizers can send each participant the link to «enter» the CIGAR Workshop and the IPSASB Research Forum.

The Research Forum provides scope for academics to engage in discussions with standard setters and IPSASB representatives. Academics involved in researching public sector accounting topics and representatives from standard-setting bodies responsible for public sector accounting standards are encouraged to attend.

Five research papers are planned for presentation at the Forum. They are the four grant recipient papers (see below) and a second paper on the topic “Presentation of Financial Statements in the Public Sector,” which is by Laurence Morgana.

Grants awarded: The IPSASB is very pleased to announce that, following a rigorous blind review process, the below abstracts have been awarded a research grant of US$1,500.

The IPSASB’s Call for Papers explained that research on these four topics will support IPSASB decisions on their inclusion in the IPSASB’s 2021 work program consultation.

(New York, New York, May 1, 2020) – The International Ethics Standards Board for Accountants (IESBA) is pleased to announce the extension of Dr. Stavros Thomadakis as IESBA Chairman until the end of 2021. This appointment was proposed by the International Federation of Accountants Nominating Committee and recently approved by the Public Interest Oversight Board.  

Dr. Thomadakis has chaired the IESBA since 2015. Under his leadership, the IESBA finalized the restructured and enhanced International Code of Ethics for Professional Accountants (including International Independence Standards) and launched a digital version – the eCode. Dr. Thomadakis’ dedication and commitment to the public interest is reflected in IESBA’s comprehensive Strategy and Work Plan 2019–2023 (SWP). Already, IESBA has reached key milestones in this SWP, including progress in its Non-Assurance Services and Fees projects.

“I am honored to continue to lead the IESBA for a final term.” said Dr. Thomadakis. “We’ve gained considerable momentum with respect to global adoption of the IESBA Code, with approximately 80 countries adopting or in process of adopting the restructured 2018 version, and I am keen on expanding that further. In addition to pursuing IESBA’s priority standard-setting projects in the public interest, a key activity will be to assist IESBA’s stakeholders as they navigate the unprecedented challenges and ethical dilemmas arising from the COVID-19 pandemic. In this regard, the IESBA is working to expand its cooperation with others, including its ongoing coordination with the International Auditing and Assurance Standards Board (IAASB).”

Dr. Thomadakis is Emeritus Professor of financial economics at the University of Athens and an active member of the Hellenic Council for Corporate Governance, and of the Board of Trustees of the Cyprus Institute. He has taught at US universities (Baruch College CUNY, MIT), and has been a visiting scholar at Stern School of Business, NYU, and Yale University. He also served in many leadership roles, including as the first Chairman of the Public Interest Oversight Board (2005 to 2011) and Chairman of the Hellenic Capital Market Commission (1996-2004). Until late 2015, he also served as a member of the Securities and Markets Stakeholders Group of the European Securities and Markets Authority.

Today, IFAC  published a ‘Practice Transformation Action Plan – A Roadmap to the Future’ (the Plan), which covers four key focus areas for small- and medium-sized practices (SMPs):

• Embrace Change
• Leverage Technology
• Focus on Talent Management
• Evolve the Firm Operating Model and Build Advisory Services

The Covid-19 pandemic is an accelerator for the adoption of technology. Many firms are now operating virtually and supporting employees through flexible work arrangements. These extraordinary circumstances also offer practitioners significant opportunities to adapt and service a rapidly changing world. As trusted business advisers, they are best positioned to provide clients with a range of services to help navigate these difficult and uncertain times.

SMPs may still be in a ‘fire-fighting’ phase but want to be proactive and ready to adapt to radical and unplanned changes. Effective transformation requires strong leadership, new approaches to training and continued learning, and an emphasis on providing relevant, value-added services.

The Plan was developed with advice and guidance from the IFAC SMP Committee and recognizes that every firm will be different. The actions taken will need to be tailored to each firm’s circumstances and objectives to be successful.

We’ve created a dedicated ‘practice transformation’ web page, featuring case studies, examples of how Member Organizations are supporting their firms to innovate and evolve, as well as additional tools and resources.

Now is the time for practitioners to lead and become part of the solution for their clients and for their own future as we enter a whole new world.

On April 29, IAASB issued their official guidance on auditor considerations relating to going concern in light of changing environment due to the COVID-19 pandemic.

 Click HERE to read more.