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International Federation of Accountants

International Federation of Accountants. International Auditing and Assurance Standards Board Status of Clarity Project and Other Activities INTOSAI PSC Steering Committee Meeting October 21-22, 2008. IAASB Update. Clarity Project. Project commenced in 2004 Objective

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International Federation of Accountants

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  1. International Federation of Accountants International Auditing and Assurance Standards Board Status of Clarity Project and Other Activities INTOSAI PSC Steering Committee Meeting October 21-22, 2008

  2. IAASB Update Clarity Project • Project commenced in 2004 • Objective • Understandable, clear standards capable of consistent application • Each redrafted International Standard on Auditing (ISA) contains: • Objective(s) of the auditor • Requirements • Application and other explanatory material • Including public sector audit considerations

  3. IAASB Update Clarity Project • Public sector audit considerations developed with assistance of: • INTOSAI FAS experts on IAASB Task Forces • INTOSAI FAS Clarity Reference Group • INTOSAI nominated IAASB member and technical advisor

  4. IAASB Update Clarity Project • Final three ISAs to be approved by the IAASB in December 2008 • Consistency review in progress • PIOB due process confirmation in February 2009 • Project to be completed in March 2009 • Effective date December 15, 2009

  5. IAASB Update 2009 Work Program • Audit of financial statements • ISA 610 on using the work of internal audit • ISA 700 on auditors’ reports • Reporting on XBRL financial statements • Other assurance services • ISRE 2410 on review of financial statements • ISAE 3000 on other assurance engagements • Reporting on carbon emissions information • Reporting on sustainability reports • Reporting on pro forma financial statements • Reporting on prospective financial information

  6. IAASB Update 2009 Work Program • Other projects • Fair value audit guidance • Review of International Auditing Practice Statements • Review of implementation guidance • Process for impact assessments • Process for effectiveness review • Audit quality

  7. IAASB Update IFAC-IAASB-INTOSAI Relationship • Various reviews currently being conducted • IFAC: Reform proposals – effectiveness review • IFAC: Efficiency review • FAS: World Bank review • PSC: Beyond 2010 proposals • Proposal • Review scope and form of relationship in early 2009, taking account of findings of reviews

  8. IAASB Update IFAC-IAASB-INTOSAI Relationship • Consider scope of relationship • Established: • IAASB (audit but what about other assurance?) • International Public Sector Accounting Standards Board (IPSASB) • What about: • International Ethics Standards Board for Accountants I IESBA)? • Professional Accountants in Business (PAIB) Committee? • Implementation support? • News INTOSAI PSC project on quality control?

  9. KEY ACCOUNTABILITY OVERSIGHT CONSULTATION/ADVICE

  10. IAASB Update IFAC-IAASB-INTOSAI Relationship • Consider different forms of cooperation • Standard setting board member / technical advisor / observer • IAASB staff involvement in PSC-related projects • PSC Subcommittee nominee involvement in IAASB-related projects • Membership of Consultative Advisory Group

  11. International Federation of Accountants www.ifac.org

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