IAASB eNews August 2013

Aug 20, 2013 | New York, New York | English

Welcome to IFAC’s International Auditing and Assurance Standards Board (IAASB) eNews.

In This Issue:

1. IAASB June Meeting
2. Auditor Reporting Exposure Draft
3. Auditor Reporting in the News
4. Post-Implementation Review of the Clarified ISAs
5. IAASB Chairman Speaks at CReCER 2013
6. IAASB 2012 Annual Report
7. Constructive Cooperation for International Standards
8. Other Relevant Standard-Setting Board and IFAC Initiatives
9. The IAASB is Hiring
10. Share IAASB eNews with Your Colleagues
11. World Congress of Accountants 2014 to be Held in Rome; Sponsorship Opportunities Available


1. IAASB June Meeting

The IAASB met June 24-28, 2013, in New York, USA. Please visit the IAASB Meeting Page for relevant agenda items. Meeting highlights and an audio podcast are also available. For more detailed information about IAASB projects, please refer to the project summaries under Active Projects.


2. Auditor Reporting Exposure Draft

At its June Meeting, the IAASB approved Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs). This exposure draft includes proposed new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, proposed revised ISA 700, Forming an Opinion and Reporting on Financial Statements, and revisions to ISAs 260, 570, 705, and 706. Example reports illustrating various circumstances are included.

The Staff of the IAASB has provided additional, non-authoritative documents: an At A Glance; guidance to audit firms for field-testing proposed ISA 701; and two supplements to illustrate the changes made to ISA 700 and ISA 705 to assist those translating the exposure draft.

Comments are due by:  November 22, 2013.


3. Auditor Reporting in the News

The IAASB’s Auditor Reporting exposure draft has been highlighted in a number of news articles, including:

  • The Accountant
  • Bloomberg BNA
  • CFO.com
  • CorporateCounsel.net (podcast)
  • Financial Executive


4. Post-Implementation Review of the Clarified ISAs
The IAASB recently released its final report on the Post-Implementation Review of the Clarified ISAs. This report summarizes feedback and the main themes that have emerged, and will be an important input to the IAASB’s future planning process, including its 2015–2019 strategy deliberations.


5. IAASB Chairman Speaks at CReCER 2013

In “The Evolving Role of Auditors and Auditor Reporting,” at CReCER in Cartagena, Colombia (August 2013), Prof. Arnold Schilder highlighted key aspects of the auditor reporting proposals.


6. IAASB 2012 Annual Report

The IAASB’s 2012 Annual Report, Responding to the Needs of an Interconnected World, highlights the board’s work in the public interest to enhance the quality and consistency of practice throughout the world, and thereby strengthen the public’s confidence in the global auditing and assurance profession. The report covers new and enhanced international standards issued by the IAASB during the year, the board’s progress on its current standard-setting projects and related initiatives, and its outreach activities to obtain input on its deliberations and to keep stakeholders informed of its activities. 


7. Constructive Cooperation for International Standards
In May, the IAASB joined IFAC and the International Accounting Standards Board (IASB) to gather more than 70 representatives from over 10 national organizations from former Soviet republics in Europe and Central Asia in London at a two-day conference. Hosted by the Association of Chartered Certified Accountants (ACCA), the event brought together organizations with responsibilities relating to the adoption or implementation of ISAs and IFRS.

The IAASB and IASB have been actively liaising on other initiatives of mutual interest. In March 2013, the IAASB submitted further comments concerning the auditability of recent IASB exposure drafts. The IAASB also welcomed IASB and IASB Staff representatives to its June 2013 Board meeting to discuss current developments, including in relation to going concern


8. Other Relevant Standard-Setting Board and IFAC Initiatives

Initiatives of IFAC committees and other independent standard-setting boards supported by IFAC may be of interest to those who follow the work of the IAASB, including the following:


9. The IAASB is Hiring

The IAASB has open positions within its technical staff team. Interested individuals are invited to submit their resumes to: jobs@ifac.org. Further information about the positions is available on the IAASB home page.


10. Share IAASB eNews with Your Colleagues

The IAASB issues regular eNews updates to keep you apprised of the board's activities and recent publications. Please forward this eNews to any interested colleagues and let them know they can register and subscribe to this and other eNews bulletins on the IFAC website.


11. World Congress of Accountants 2014 to be Held in Rome; Sponsorship Opportunities Available

The next World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy in 2014. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from all over the world will convene at this IFAC event, which is held every four years. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase the innovations that will shape the future of the profession.

The WCOA also provides a global platform for organizations and firms to share their projects and visions via various sponsorship opportunities. For more information, please contact info@wcoa2014rome.com or Dimarco@wcoa2014rome.com.


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