IAASB Completed Projects


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

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Quality Management at Firm Level - ISQM 1

The objectives of this project were:

  • 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

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Engagement Quality Reviews - ISQM 2

The objective of this project were to enhance 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;
  • clarifying the nature, timing and extent of the EQR; and

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Quality Management at Engagement Level - ISA 220

The objectives of the project were to:

  • 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.
  • Propose consequential amendments to other standards that may be necessary as a result of revisions to ISA 220.

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Agreed-Upon Procedures – ISRS 4400

The project objectives were 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

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Group Audits – ISA 600

The project to revise ISA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) aimed

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ISA 315 (Revised)

Through revising, reorganizing and enhancing the extant standard, the changes were intended to:

  • Promote consistency in application of procedures for risk identification and assessment.
  • Make the standard more scalable through revised principles-based requirements.
  • Reduce the complexity and make the standard more usable by auditors of all entities, whatever the nature

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Professional Skepticism

The IAASB had been taking steps towards re-emphasizing the importance of professional skepticism in audits of financial statements. The IAASB agreed that that professional skepticism would continue to be a focus of its future projects, but not necessarily as a discrete standard-setting project.

In June 2015, the IAASB commenced its initial and information gathering on the topic of

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Auditor Reporting Implementation

The work of the Auditor Reporting Implementation Working Group (ARIWG) was to promote awareness, understanding and support effective implementation of the new and revised auditor reporting standards through the issueance of the below guidance material. The ARIWG also undertook a post-

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Complexity Understandability Scalability Proportionality (CUSP)

The objective of this workstream was to develop drafting principles and guidelines to address complexity, understandability, scalability and proportionality (CUSP) in developing International Standards on Auditing (ISAs).

In its April 2022 meeting, the IAASB unanimously agreed to adopt the CUSP Drafting Principles and Guidelines as part of its internal procedures for

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