The International Auditing and Assurance Standards Board^® (IAASB^®) today released its Strategy for 2015–2019: Fulfilling Our Public Interest Mandate in an Evolving World and its Work Plan for 2015–2016: Enhancing Audit Quality and Preparing for the Future. The Strategy and Work Plan illustrate the IAASB’s commitment to strengthening public confidence in financial reporting and contributing to the ongoing relevance of the financial statement audit, while staying abreast of emerging developments to ensure its work addresses pertinent public interest matters relevant to its wide range of stakeholders.

The board’s five-year Strategy is underpinned by three strategic objectives that reflect a continued focus on International Standards on Auditing (ISAs) as the basis for high-quality audits, the importance of the IAASB’s standards for other services to address emerging needs of stakeholders, and the board’s intention to strengthen collaboration with others to address public interest matters relevant to its work. These objectives will guide the board’s work throughout the five-year period.

“The widespread and growing international use of the clarified ISAs underscores the importance of the IAASB continuing to focus its efforts on maintaining the quality and proportionality of these standards, and to meeting the expectations that stakeholders have regarding their application,” noted Prof. Arnold Schilder, IAASB Chairman. “As a result, the board’s initial focus in its five-year strategy is designed to address key topics relevant to audits, while at the same time monitoring other relevant developments.”

Influenced by the findings from the IAASB’s ISA Implementation Monitoring project and its extensive outreach program, the Work Plan for the next two years prioritizes the most pertinent public interest issues and impacts on audit quality, including group audits, quality control, professional skepticism, and audit considerations relevant to financial institutions.

The IAASB also recognizes the role that its other assurance and related services standards play in addressing the needs of investors and other users as financial and integrated reporting evolves. Explains Kathleen Healy, IAASB Technical Director, “The ongoing work of our Innovation Working Group, as well as considerations of whether our standards for services other than audits are meeting the needs of small- and medium-sized entities, will be invaluable in keeping the board informed of matters relevant to its stakeholders and informing future standard-setting and other activities.”  

About the International Auditing and Assurance Standards Board (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 the International Federation of Accountants (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 over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The IAASB’s Work Plan for 2015–2016 sets out the IAASB’s priorities and actions for the 2015–2016 period, including the board’s initial views on the issues that may be addressed and the manner in which this may be done. 

The staff-prepared Basis for Conclusions document relates to, but does not form part of, the Work Plan. 

The IAASB’s Strategy for 2015–2019 describes the board’s three strategic objectives that articulate its vision over the medium term:

The staff-prepared Basis for Conclusions document relates to, but does not form part of, the Strategy. 

The International Accounting Bulletin (IAB) recently presented its 2014 Lifetime Achievement Award to Prof. Arnold Schilder, chairman of the International Auditing and Assurance Standards Board^® (IAASB^®).

Prof. Schilder was honored for his contributions to the accountancy profession, which include serving as president of the Dutch professional body NIVRA (1995-1996), as a member of the Managing Board of the Dutch Central Bank (1998-2008), as chair of the Basel Committee on Banking Supervision's Accounting Task Force (1999-2006), and as a member of the Public Interest Oversight Board (2005-2008).

In the narrative that accompanies the award, the IAB also recognized Prof. Schilder for his leadership of the IAASB since assuming its chairmanship in 2009.

"He has played a key role in guiding the IAASB as it strives to enhance the quality and consistency of practice throughout the world," the narrative reads. "Ninety jurisdictions around the world already use or are in the process of adopting or incorporating IAASB's International Standards on Auditing^™."

The Notice of the Call for Nominations for the Independent Standard-Setting Boards in 2016 was issued today. The Notice of the Call sets out the upcoming opportunities for membership on the International Auditing and Assurance Standards Board^® (IAASB^®), International Accounting Education Standards Board™ (IAESB™), International Ethics Standards Board for Accountants^® (IESBA^®), and International Public Sector Accounting Standards Board^® (IPSASB^®).

For 2016, there are 25 vacancies on the independent standard-setting boards. All vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Nominations of non-accountants for the public member vacancies are strongly encouraged.

The official Call for Nominations for the Independent Standard-Setting Boards in 2016 will be issued on January 14, 2015, and nominations may be submitted from January 14 to March 15, 2015. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for all stakeholders to prepare for the next nominations cycle.

To assist nominating organizations and self-nominees, the International Federation of Accountants^® (IFAC^®) has published Developing a Nominations Strategy, which was also released today. Along with the Notice of the Call, the documents provide information on the relevant membership qualifications, including the required time commitment and performance expectations for volunteers and to offer strategic and practical guidance in identifying the most qualified candidate for each available position.

The Nominating Committee follows an open and transparent process to select the best candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit Nominating Committee web page.

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 the IAESB
The IAESB develops education standards, guidance, and information papers for use by IFAC member bodies under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB 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 IAESB are facilitated by IFAC.

About the IESBA
The IESBA develops ethics standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and other pronouncements. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB 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. Founded in 1977, it is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

IAASB Member Brendan Murtagh discusses the IAASB’s Audit Quality Framework, the proportionate application of International Standards on Auditing (ISAs) to smaller entities, and tips for audit efficiency at the 2014 IFAC-SAFA Regional SMP Forum.