Transcript 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
– 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
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
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
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
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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
IAASB Update
2009 Work Program
• Other projects
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Fair value audit guidance
Review of International Auditing Practice Statements
Review of implementation guidance
Process for impact assessments
Process for effectiveness review
Audit quality
IAASB Update
IFAC-IAASB-INTOSAI Relationship
• Various reviews currently being conducted
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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
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?
KEY
ACCOUNTABILITY
OVERSIGHT
CONSULTATION/ADVICE
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 IAASBrelated projects
– Membership of Consultative Advisory Group
International Federation of Accountants
www.ifac.org