IAASB 2012-2014 Strategy and Work Program Sets Auditor Reporting as Top Priority and Highlights Other Relevant Audit and Assurance Initiatives

Jun 05, 2012 | New York, New York | English

The International Auditing and Assurance Standards Board (IAASB) today released its Strategy and Work Program, 2012–2014. Developed through wide public consultation, it sets the direction and priorities for the IAASB’s activities over the next three years with a focus on:

  • Supporting global financial stability;
  • Enhancing the role, relevance, and quality of assurance and related services in today’s evolving world; and
  • Facilitating adoption and implementation of the IAASB’s standards.

“Our forward strategy is to build on the strong base of standards that has been developed to date, to address new assurance topics, and to further promote the benefits of the International Standards on Auditing (ISAs) and our other international standards,” said Prof. Arnold Schilder, IAASB chairman. “The IAASB is constantly challenged to respond to growing demands from a diverse range of stakeholders in a continuously changing international environment. The areas addressed in our strategy are those we have heard to be the most important in the public interest, in particular our work on auditor reporting.”

As the main priority for 2012–2014, the IAASB’s Strategy and Work Program identifies the enhancement of auditor reporting standards, a topic that the IAASB will again deliberate intensively at its June 2012 meeting in Edinburgh. The strategy is in keeping with the IAASB’s commitment to continue work on a number of its key initiatives related to audit quality, disclosures, review engagements, and assurance engagements, including assurance on greenhouse gas statements. In addition, the IAASB will continue to monitor the adoption and implementation of ISAs globally and focus on standards and initiatives relevant to small- and medium-sized entities. It will also explore appropriate actions stemming from the global financial crisis relating to banking and fair values.

“Constructive dialogue and collaboration with others will be critical to identifying areas for innovation and improvement and to finding solutions to global issues, both now and in the future,” explained James Gunn, IAASB technical director. “The IAASB also recognizes its responsibility to identify matters within its mandate that have significant longer-term implications and to ensure that assurance and related services are relevant and responsive to the public interest, for example in emerging areas like integrated reporting. I am confident that the IAASB’s strategy and planned initiatives will assist it in fulfilling this responsibility.”

For additional information on the IAASB’s current projects and the current project timetable, visit the IAASB’s project pages on its website.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.



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