IAASB Completed Projects
Assurance and Related Services on Financial Information Other Than Audits - Compilation Engagements and Review Engagements
The objectives of this project are:
- To revise ISRS 4410, Engagements to Compile Financial Statments.
- To revise ISRE 2400, Engagements to Review Financial Statements.
- To develop appropriate communications with key stakeholders to promote awareness of different types of services professional accountants may provide in relation to financial information, including assurance services, related services and combinations of services.
- To consider the need for development of other services to meet user needs relating to historical financial statements and other historical financial information, in addition to the existing range of professional services.
The objective of this project is revise International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
This project will also consider whether, and if so to what extent, separate ISAEs applicable to all assurance engagements are needed to deal with topics such as: planning; using the work of experts; and documentation.
It will also likely result in conforming amendments to the International Framework for Assurance Engagements, and subject matter-specific ISAEs (e.g. ISAE 3402, Assurance Reports on Controls at a Service Organization).
To develop guidance for auditors dealing with complex financial instruments.
To review the appropriateness of the content of the IAPSs and determine whether they should be withdrawn or revised and the authority of IAPSs and any other implementation guidance that the IAASB may develop.
Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
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.
The XBRL project takes a two-phased approach.
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 address the performance and reporting expectations of the auditor in connection with audited financial statements that are accompanied by XBRL data and,
- If deemed necessary, to discuss the considerations relevant when audited financial statements are only filed in XBRl.
To develop a new International Standard on Assurance Engagements: ISAE 3402, Assurance Reports on a Service Organization's Controls.
Materiality in Planning and Performing an Audit and Evaluation of Misstatements Identified during the Audit
The objective of the project was to redraft the close off documents of ISA 320 (Revised), Materiality in Planning and Performing an Audit, and ISA 450 (Revised), Evaluation of Misstatements Identified during the Audit, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.
The objective of this project was to redraft the close off document of ISA 805 (Revised), Engagements to Report on Summary Financial Statements, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.