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IAASB Update

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Presentation by Beverley Bahlmann, Senior Technical Manager, IAASB, for American Accounting Association, International Accounting Section, Midyear Meeting, February 19, 2016 in New Orleans, LA, USA

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IAASB Update

  1. 1. Page 1 | Proprietary and Copyrighted Information IAASB Update Beverley Bahlmann Senior Technical Manager, IAASB American Accounting Association, International Accounting Section, Midyear Meeting New Orleans, February 19, 2016
  2. 2. Page 2 | Proprietary and Copyrighted Information Global Adoption of Clarified International Standards on Auditing Jurisdictions Using Clarified ISAs Already, or Committed to Using Them in the Near Future (111) Europe (42): Albania, Armenia, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (Experts Comptables), FYR Macedonia, Georgia, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Malta, Moldova, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom Americas (20): Argentina, Bahamas, Barbados, Brazil, Canada, Cayman Islands, Chile, Colombia, Costa Rica, El Salvador, Guatemala, Guyana, Jamaica, Mexico, Nicaragua, Panama, Puerto Rico (private companies), Trinidad and Tobago, Uruguay, USA (private companies) Asia and Oceania (22): Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Kyrgyz Republic, Malaysia, Mongolia, Nepal, New Zealand, Pakistan, Papua New Guinea, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Uzbekistan (listed),Vietnam Africa/Middle East (27): Bahrain, Benin, Botswana, Ghana, Jordan, Kenya, Kuwait, Lebanon, Lesotho, Malawi, Mali, Mauritius, Namibia, Nigeria, Palestine, Rwanda, Senegal, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Tunisia, Uganda, United Arab Emirates (Abu Dhabi and Dubai), Zambia, Zimbabwe
  3. 3. Page 3 | Proprietary and Copyrighted Information IAASB Current Agenda • 2009 – Clarified ISAs • 2011-2013 – ISA Implementation Monitoring – Highlighted areas in the ISAs where further consideration was needed – Input from broad range of stakeholders • Completed in 2014/2015 – Auditor Reporting • New concept of Key Audit Matters (KAM) • Revised format • Signing the auditor’s report by the engagement partner – Other Information (ISA 720 (Revised)) – Auditing Disclosures – All have same effective date (audits of financial statements for periods ending on or after December 15, 2016)
  4. 4. Page 4 | Proprietary and Copyrighted Information IAASB Current Agenda • Strategy 2015–2019 • Work Plan 2015–2016―key topics identified: – Professional Skepticism – Quality Control Invitation to Comment (May 16, 2016) – Group Audits – Financial institutions / ISA 540 (auditing fair values and estimates) (accelerated timing – not in ITC) – Audit data analytics (work commenced in 2015) – ISA 315 (Revised) (Risk standard)(work commencing in 2016) • High-level consultation on Work Plan 2016–2017
  5. 5. Page 5 | Proprietary and Copyrighted Information • Fostering an appropriately independent and challenging skeptical mindset of the auditor • Enhancing documentation of the auditor’s judgments • Keeping ISAs fit for purpose • Encouraging proactive quality management at the firm and engagement level • Exploring transparency and its role in audit quality • Focusing more on firms (including networks) and their internal and external monitoring and remediation activities • Reinforcing the need for robust communication and interactions during the audit Invitation to Comment: Key Public Interest Areas