IAASB Completed Projects
ISA 315 (Revised)
The objectives of the project are to:
(a) Propose revisions to ISA 315 (Revised), establishing more robust requirements and appropriately detailed guidance to drive auditors to perform appropriate risk assessment procedures in a manner commensurate with the size and nature of the entity. It is anticipated that these revisions will focus on enhancing the auditor’s approach to
Agreed-Upon Procedures – ISRS 4400
The project objectives are to:
- Redraft the standard using the clarity drafting conventions so that this standard is consistent with other IAASB International Standards
- Revise the standard to better reflect practice in AUP engagements being undertaken
Quality Management at Firm Level - ISQM 1
The objectives of this project are:
- Enhancing the robustness of firm’s systems of quality control through various means, including:
- Introducing a more proactive and tailored approach to managing quality.
- Increasing firm leadership responsibilities and accountability, and improving firm governance.
- More rigorous monitoring of systems of quality control and
Engagement Quality Reviews - ISQM 2
The objective of this project is enhancing the requirements and application material in relation to the firm’s engagement quality reviews (EQRs), including:
- setting more robust criteria for firms to apply when determining which engagements should be subject to an EQR;
- establishing the objective of an EQR;
Quality Management at Engagement Level - ISA 220
The objectives of the project are to:
(a) Propose revisions to ISA 220 to strengthen aspects of quality management for individual engagements by focusing on the identification, assessment and response to quality risks in a broad range of engagement circumstances.
(b) Propose consequential amendments to other standards that may be necessary as a result of
Extended External Reporting (EER) Assurance
Extended External Reporting (EER) Assurance is used to describe engagements to provide assurance on different forms of non-financial reporting, including integrated reporting, sustainability reporting and non-financial reporting about environmental, social and governance matters. This
Innovation Working Group
The objective of the Innovation Working Group (Formerly Innovation, Needs and Future Opportunities (INFO) Working Group) is to explore emerging developments in the audit, assurance and related services fields for the purpose of assisting the IAASB in identifying opportunities for relevant and effective standard setting, or determining other potential actions, in a timely and informed
Accounting Estimates - ISA 540
The project objectives are to:
(i) Propose revisions to ISA 540, establishing more robust requirements and appropriately detailed guidance to foster audit quality by driving auditors to perform appropriate procedures in relation to accounting estimates and related disclosures. It is anticipated that these revisions would also seek to emphasize the importance of the appropriate application of professional skepticism when auditing accounting estimates.
(ii) Determine whether non-authoritative guidance and support tools, such as International Auditing Practice Notes, Staff publications, project updates or other materials, should be developed in the future to address special audit considerations relevant to financial institutions to supplement the revisions to ISA 540 and oversee the development of the guidance material considered necessary.
PROJECT CONTACT
NOCLAR
This project considers the implications of the International Ethics Standards Board for Accountants’ (IESBA’s) project to develop new standards for its Code of Ethics for Professional Accountants (IESBA Code) regarding responding to non-compliance with laws and regulations (NOCLAR) on the IAASB’s International Standards.
PROJECT CONTACT
Amendments to ISA 810
The objective of this project is to develop amendments to ISA 810, Engagements to Report on Summary Financial Statements to explain how the enhancements resulting from the new and revised Auditor Reporting standards apply to engagements to report on summary financial statements.
