The International Auditing and Assurance Standards Board (IAASB) published its Strategy for 2020‒2023 (the Strategy) and Work Plan for 2020‒2021 (the Work Plan) , this week (April 15, 2020). We have also signaled our sensitivity to the current circumstances created by the COVID-19 outbreak. The purpose of this note is to update stakeholders on the progress of support material under development and the evolution of our thinking on our Work Plan.
Staff Alerts under Development
A core element of our COVID-19 response is to develop Staff Alerts on several targeted topics to support the application of our standards under current circumstances. Our goal is to support the public interest and the role auditors must play in sustaining trust in financial and other external reporting. We are coordinating with others, such as National Standard Setters (NSS) and the International Federation of Accountants (IFAC) and its Professional Accountancy Organization (PAO) members, as well as engaging with regulators and oversight bodies.
In addition to the IAASB Staff Alert, Highlighting Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19, we are drafting Staff Alerts on the following topics:
- Auditor Reporting
- Going Concern
- Subsequent Events
- Auditing Accounting Estimates
- Public Sector Audit Considerations
The Staff Alerts on Auditor Reporting and Going Concern will be issued next and are expected to be available within the next two weeks.
The IAASB is calibrating its efforts to account for COVID-19’s impact on our capacity to deliver, and the capacity of our stakeholders to absorb what we deliver. Our comprehensive review of our work program includes an assessment of priorities, upcoming Board meeting agendas, and timelines (e.g., consultation periods and effective dates). We are taking this through our internal processes as well as ensuring that we benefit from the input of the Public Interest Oversight Board (PIOB) and other key stakeholders. Changes will be communicated with the publishing of individual proposed or final pronouncements. We anticipate publishing revisions to the Work Plan on the IAASB website during the first half of May, after our consultations are complete.
We will continue to adapt our ways of working. The IAASB appreciates the immense constraints and pressure experienced by all. Our thinking about how we can best contribute to the broader financial reporting ecosystem at this time is evolving and we will continue to post updates on the IAASB Website.
Visit our COVID-19 Reource Page to learn more.