International Auditing and Assurance Standards Board (IAASB)’s Post

🌟 #Fraud Video Alert: Enhanced Transparency in the Auditor’s Report 🌟 Don't miss our latest and final #Fraud video: Enhanced Transparency in the Auditor’s Report. Join IAASB Director Jasper van den Hout as he delves into how the proposed changes will enhance transparency, including changes to Key Audit Matters concerning fraud or suspected fraud and ensuring clarity and relevance in the auditor’s report.   Where to go from here? ✅ Check out the full Understanding Proposed Changes to the Fraud Auditing Standard video series: ·       Overview of Key Changes: https://lnkd.in/eE64gvk4 ·       Spotlight on Auditor’s Responsibilities: https://lnkd.in/gYyRUqRk ·       Auditor’s Response to Fraud or Suspected Fraud: https://lnkd.in/gnhcdDvm ✅ Read our proposed changes and share your feedback via our Response Template online: https://bit.ly/43xOykA ✅ Let us know how this video series has helped you navigate the proposed changes to our standard.   #IAASB #FraudAuditing #AuditingStandards #ProfessionalDevelopment  

This week marked an important event on the IAASB’s annual calendar: we convened jurisdictional and national audit standard setters representing 18 jurisdictions from across the globe for our first in-person meeting in New York in five years. We also held a joint session with International Ethics Standards Board for Accountants (IESBA) and its group of ethics-related national standard setters on issues that concern audit and ethics. Discussions over the day and half meeting were expansive and insightful. Engaging with the organizations responsible for adopting and implementing our standards in their respective jurisdictions is a crucial aspect of our strategic imperative to connect with our stakeholders worldwide. By convening these leaders, we foster a vital two-way exchange, enabling us to: 🔹 Gain insights from each representative about their firsthand experiences with adoption and implementation, as well as understand jurisdictional challenges and advancements. 🔹 Share updates on our ongoing work and projects, benefiting from their valuable feedback. 🔹 Facilitate a forum for these jurisdictional leaders to forge connections and sustain discussions beyond the meeting. During this week’s meeting, we also welcomed the الهيئة السعودية للمراجعين والمحاسبين SOCPA (Saudi Organization for Chartered and Professional Accountants) as the newest member, deepening our understanding of the audit landscape in Saudi Arabia. Welcome SOCPA and thank you to all members for their partnership and engagement this week!

Over the last two days, the IAASB and International Ethics Standards Board for Accountants (IESBA) convened the inaugural Stakeholder Advisory Council meeting in NYC, chaired by Alan Johnson CMG. This council – known as SAC – serves as an important forum for both boards to engage with a diverse array of external stakeholders, leveraging their expertise and experiences. SAC members offer strategic feedback on our work programs and projects, bringing valuable insights and perspectives to audit, ethics, and their convergence. During this first meeting, we provided SAC members with an overview of our strategic plan for 2024-2027 and presented updates on active projects, including #SustainabilityAssurance, #GoingConcern, #Technology, and #ISAforLCE. The discussions were robust, with SAC members posing insightful questions about strategy execution, standards adoption and implementation, and the future of some specific standards. We also heard their thinking about current and emerging challenges and opportunities facing the audit profession and the public interest; the impact of technology on audit quality, the expectations gap regarding the auditor's role in fraud and going concern; and the need for greater consistency and comparability in sustainability reporting and assurance. The meeting concluded with a wealth of feedback and points for consideration for both our team and the IESBA team. Thank you to all the SAC members for their valuable contributions and thoughtful engagement. Missed the meeting? Catch the livestream recording on YouTube here: https://lnkd.in/eebvFGcT  Read more about the SAC here: https://lnkd.in/eXsKifWb

Terrific new interview with Gabriela Figueiredo Dias, Chair of our sister board International Ethics Standards Board for Accountants (IESBA), on her path to her current role as well as the evolving landscape for women in leadership and the initiatives she champions to promote diversity, equity and inclusion. #ChangemakerSeries #DEI

This week, our #SustainabilityAssurance Task Force met in London to continue evolving the #ISSA5000 standard. For this meeting, they continued to address feedback heard during the public consultation last year, as well as feedback from our members at the March meeting when discussions focused on the first 15 questions in the Exposure Draft. They are also preparing to present the analysis of feedback on the final 12 questions at the June IAASB meeting, when amendments to the full standard will be presented. You can read their analysis when meeting papers are posted in early June and tune in on YouTube in June to watch the session during our meeting and follow along with the discussion.

Our Going Concern Task Force met in New York this week to continue their discussions on key themes from feedback received during the public consultation last year. These themes included the definition of material uncertainty, the timeline over the going concern assessment is made, and transparency in the auditor’s report, among others. At the next IAASB meeting in June, the task force will present these themes and proposed changes to the draft standard. Keep your eyes open for these agenda papers in early June and follow the IAASB meeting discussion on YouTube. Learn more on the Going Concern project web page: https://lnkd.in/ev4nYYxF

If you can’t see the connection between an orchestra and an audit engagement team, you need to spend a little more time with our member Sachiko Kai. 🎹 🎶 A pianist, Sachiko is also a big fan of teamwork. Learn more about Sachiko, and see how she got from orchestra➡engagement team. #MeettheIAASB

While we continue our discussions about #SustainabilityAssurance and finalizing #ISSA5000, it is terrific to see the global accountancy profession maintain its proactive role on sustainability – including its focus on equipping future accountants with essential sustainability-related skills and knowledge. @IFAC has just proposed changes to the International Education Standards aimed at integrating sustainability throughout the training of professional accountants. Explore the proposals and share your feedback on the IFAC website here: https://bit.ly/3QfcDHm

Talk to your employer today about joining our team on a short-term basis! Learn more below and online: https://bit.ly/4ao3xQ8

Happy Earth Day everyone! 🌍🌱 On this day of reflection and commitment to our planet, we’re pleased to share our dedication to sustainability as audit and assurance professionals. We recognize the vital role assurance standards play in sustainability reporting and disclosure to enhance the trust and confidence of users, which is fundamental to supporting sustainable development. As jurisdictions increasingly begin mandatory sustainability disclosure, sustainability assurance is an increasingly important topic. When final later this year, our new International Standard on Sustainability Assurance 5000 will help assurance practitioners provide high-quality assurance over sustainability disclosure. This Earth Day, let us collectively pledge to do our part to advance sustainability reporting and assurance. 🌍🌱 #EarthDay2024 #Sustainability #Auditing #Assurance #IAASB