IAASB Strategy for 2020‒2023 and Work Plan for 2020‒2021
Key IAASB Strategy and Work Plan Elements
The strategy sets three strategic objectives to focus IAASB priorities and resources during 2020‒2023:
- Increase the emphasis on emerging issues to ensure that the IAASB International Standards provide a foundation for high-quality audit, assurance and related services engagements
- Innovate the IAASB’s ways of working to strengthen and broaden our agility, capabilities, and capacity to do the right work at the right time
- Maintain and deepen relationships with stakeholders to achieve globally relevant, progressive and operable standards
The Work Plan describes, at the time of the December 2019 approval, how the IAASB intends to increase its focus on emerging issues, while completing the existing work already committed to and underway. In the Work Plan, the IAASB anticipates standard-setting projects on going concern, fraud, and audit evidence, and work to address the needs of auditors of Less Complex Entities, among other topics. To support an evidence-based and structured consideration of new topics, the IAASB Work Plan highlights a new Framework for Activities, comprising several key components, to help the IAASB develop informed and targeted responses to address emerging issues and topics of global relevance.