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IAASB Announces New Strategy and Work Plan to Advance Global Audit and Assurance Standards

Apr 11, 2024 | New York, New York | English

The International Auditing and Assurance Standards Board (IAASB) published its approved strategy and work plan aimed at enhancing consistency and quality of audit and assurance standards worldwide. Elevating Trust in Audit and Assurance: IAASB’s Strategy and Work Plan for 2024-2027 reflects the crucial role of audit and assurance in fostering trust in the world’s economies.

"Audit and assurance play vital roles in the world’s economies,” said IAASB Chair Tom Seidentstein. “At their best, audit and assurance practitioners enhance trust in markets and assist in efficient, sustainable resource allocation. That is why the IAASB is dedicated to developing relevant, high-quality standards under a rigorous and transparent due process.”

The IAASB's previous strategy (2020-2023) saw significant progress on key objectives, including adopting agile methodologies and engaging with a broader range of stakeholders. Notable achievements include the suite of quality management standards, an enhanced special considerations standard for audits of group financial statements, the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (known as the ISA for LCE), and developing a proposed standard for sustainability assurance engagements, among other achievements.

Building upon these successes, the new Strategy reaffirms the IAASB's commitment to serving the public interest by developing globally accepted audit, review, and other assurance standards.

Key highlights of the Strategy include:

  • Completing priority audit and assurance projects, with emphasis on fraud, going concern, and sustainability assurance.
  • Commencing new initiatives and projects, including focusing on supporting the adoption and implementation on our overarching standard for sustainability assurance engagements, establishing an IAASB Technology Position, and conducting post-implementation reviews, as well as standard setting on, among other topics, audit evidence and risk response, materiality, and reviews of interim financial information.
  • Collaborating with official stakeholders across the external reporting ecosystem, including the International Ethics Standards Board for Accountants (IESBA), regulators, and standard setters, in addition to other stakeholders.
  • Engaging with regulatory and standard-setting partners to strengthen trust in markets globally.
  • Further implementing the Monitoring Group’s recommendations to enhance independence and accountability in standard setting.

IESBA, IAASB’s partner board, also issued its strategy and work plan for the same period today, Towards a More Sustainable Future: Advancing the Centrality of Ethics. It features IESBA’s vision and strategic goals, underpinning its ambition to achieve global recognition and acceptance of the International Code of Ethics for Professional Accountants (Including Independence Standards).

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions