IAASB Update IAASB Update Prof. Arnold Schilder, Chairman Prof. Arnold Schilder, Chairman James Gunn, Technical Director James Gunn, Technical Director CICPA CICPA Beijing, China Beijing, China 18 September 2009 18 September 2009 International Auditing and Assurance Standards Board
International Auditing and Assurance Standards Board. IAASB Update. Prof. Arnold Schilder, Chairman James Gunn, Technical Director. CICPA Beijing, China. 18 September 2009. 国际审计与鉴证准则理事会. 国际审计准则建设最新成果及运用. 主席 阿诺德 · 斯奇尔德 教授 技术总监 詹姆斯 · 耿. 中国注册会计师协会 中国 北京. - PowerPoint PPT Presentation
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IAASB UpdateIAASB Update
Prof. Arnold Schilder, ChairmanProf. Arnold Schilder, Chairman
James Gunn, Technical DirectorJames Gunn, Technical Director
CICPA CICPA
Beijing, ChinaBeijing, China
18 September 200918 September 2009
International Auditing and Assurance Standards Board
国际审计准则建设最新成果及运用国际审计准则建设最新成果及运用
主席 阿诺德主席 阿诺德 ·· 斯奇尔德 教授斯奇尔德 教授
技术总监 詹姆斯 技术总监 詹姆斯 · · 耿耿
中国注册会计师协会中国注册会计师协会 中国 北京 中国 北京
20092009 年年 99 月月 1818 日日
国际审计与鉴证准则理事会国际审计与鉴证准则理事会
• Adoption and International ConvergenceAdoption and International Convergence
• The IAASB Clarity ProjectThe IAASB Clarity Project
• IAASB Current and Forward AgendaIAASB Current and Forward Agenda
Agenda
• 准则采用与国际趋同准则采用与国际趋同
• IAASBIAASB 明晰项目明晰项目
• IAASBIAASB 当前及今后的工作当前及今后的工作
主要内容
Adoption and International ConvergenceAdoption and International Convergence
• 100+ countries adopt or use ISAs in some form100+ countries adopt or use ISAs in some form
• 23/25 world’s capital markets for foreign issuers23/25 world’s capital markets for foreign issuers
• IOSCO endorsementIOSCO endorsement
• Support from World Bank, Basel Committee, Support from World Bank, Basel Committee, World Federation of Exchanges, Financial Stability World Federation of Exchanges, Financial Stability Board, public sector (INTOSAI), etc.Board, public sector (INTOSAI), etc.
• Top 22 global networks’ methodologies alignedTop 22 global networks’ methodologies aligned
Adoption and International ConvergenceAdoption and International Convergence
• Stronger transparency and accountabilityStronger transparency and accountability
– Higher quality and consistency of auditsHigher quality and consistency of audits
– Reduced cost of capital and other costs arising from Reduced cost of capital and other costs arising from differing standards differing standards
• Enhanced uniformity and effectiveness of Enhanced uniformity and effectiveness of regulatory systems; regulatory systems; platform for harmonizationplatform for harmonization
• Facilitates efficient education and trainingFacilitates efficient education and training
• IFAC Recommendations to G20 – Adopt ISAs and IFAC Recommendations to G20 – Adopt ISAs and support implementation of global standardssupport implementation of global standards
The IAASB Clarity ProjectThe IAASB Clarity Project
• Key aimsKey aims
– Understandability of ISAs, and thereby their Understandability of ISAs, and thereby their consistent applicationconsistent application
– Facilitate convergenceFacilitate convergence
• Completed March 2009Completed March 2009
• Suite of 36 ISAs and ISQC 1Suite of 36 ISAs and ISQC 1
– Effective for audits of financial statements for Effective for audits of financial statements for periods beginning on or after Dec. 15, 2009periods beginning on or after Dec. 15, 2009
The IAASB Clarity ProjectThe IAASB Clarity Project
• New structure and conventionsNew structure and conventions
– Objective, definitions, requirements and guidance Objective, definitions, requirements and guidance provided in separate sections, to improve provided in separate sections, to improve readabilityreadability
– Requirements and guidance revisited to eliminate Requirements and guidance revisited to eliminate any ambiguity about what is required of auditorsany ambiguity about what is required of auditors
• Nearly half of 36 ISAs fundamentally revisedNearly half of 36 ISAs fundamentally revised
– New requirements and guidance that aim to New requirements and guidance that aim to improve practice in a variety of respectsimprove practice in a variety of respects
• Objectives and obligation for their useObjectives and obligation for their use
– Use to evaluate whether more needs to be done; Use to evaluate whether more needs to be done; Standards cannot anticipate all possibilitiesStandards cannot anticipate all possibilities
– Strengthen the ‘thinking audit’Strengthen the ‘thinking audit’
• Risk assessment and evidence gatheringRisk assessment and evidence gathering
– Estimates and fair valuesEstimates and fair values
• Basis for reliance and quality of audit evidenceBasis for reliance and quality of audit evidence
– Audits of group financial statementsAudits of group financial statements
– Auditor’s expertsAuditor’s experts
– External confirmationsExternal confirmations
– Written representationsWritten representations
• MaterialityMateriality
• Communications and reportingCommunications and reporting
• Professional judgmentProfessional judgment
Some Highlights
明晰后的国际审计准则明晰后的国际审计准则
• 审计证据可以信赖的基础和质量审计证据可以信赖的基础和质量– 集团财务报表审计集团财务报表审计
– 审计师利用专家的工作审计师利用专家的工作
– 外部函证外部函证
– 书面声明书面声明
• 重要性重要性
• 沟通和报告沟通和报告
• 职业判断职业判断
重点
Clarity ISAsClarity ISAs
• Successful implementation essential to realizing Successful implementation essential to realizing full benefits of Clarity ISAsfull benefits of Clarity ISAs
• Impacts onImpacts on
– National standards/legislation and guidanceNational standards/legislation and guidance
– Audit methodologies, programs and manualsAudit methodologies, programs and manuals
– Translation and training programsTranslation and training programs
• 然而并非所有国际审计准则都与中小企业审计然而并非所有国际审计准则都与中小企业审计相关,例如:相关,例如:– ISA 402, ISA 402, 如果中小企业不使用服务机构如果中小企业不使用服务机构– ISA 600, ISA 600, 如果中小企业审计业务不是集团审计如果中小企业审计业务不是集团审计– ISA 610, ISA 610, 如果中小企业没有内部审计如果中小企业没有内部审计
遵守所有的国际审计准则?
明晰后的国际审计准则明晰后的国际审计准则
• Even if an ISA is relevant, not all its requirements Even if an ISA is relevant, not all its requirements may be relevantmay be relevant
– Conditional requirements need not be applied if Conditional requirements need not be applied if conditions do not existconditions do not exist
• ExamplesExamples
– Engagement team discussionEngagement team discussion
– Performing substantive and other follow-up Performing substantive and other follow-up procedures in context of unidentified related partiesprocedures in context of unidentified related parties
– Determining whether material uncertainty exists in Determining whether material uncertainty exists in context of going concerncontext of going concern
• Appropriate documentation need not be burdensomeAppropriate documentation need not be burdensome
• Documentation of significant professional Documentation of significant professional judgments helps to reinforce their quality judgments helps to reinforce their quality
• Application designed to be proportionate, efficient Application designed to be proportionate, efficient and effectiveand effective
– Experienced auditor testExperienced auditor test
– Requires professional judgment, not checklist approachRequires professional judgment, not checklist approach
– Helpful illustrations of how to apply requirementsHelpful illustrations of how to apply requirements
• Continued development of the ISAsContinued development of the ISAs
• Development of alternatives to the auditDevelopment of alternatives to the audit
• Development of other assurance standardsDevelopment of other assurance standards
• Other areas of public interestOther areas of public interest
IAASB Current and Forward Agenda
• 继续制定国际审计准则继续制定国际审计准则
• 研究替代审计的方法研究替代审计的方法
• 制定其他鉴证业务准则制定其他鉴证业务准则
• 涉及公众利益的其他领域涉及公众利益的其他领域
IAASB 当前及今后的工作
• Guidance on auditing complex financial instrumentsGuidance on auditing complex financial instruments
– Briefing paper and revision of IAPS 1012Briefing paper and revision of IAPS 1012
• Use of internal audit (revision of ISA 610) Use of internal audit (revision of ISA 610)
• Auditor’s report: Auditor’s report:
– Academic research on user perceptions; consideration Academic research on user perceptions; consideration of implications for ISA 700 of implications for ISA 700
• Other information in documents containing audited Other information in documents containing audited financial information (revision of ISA 720) financial information (revision of ISA 720)
Continued Development of the ISAs
IAASB Current and Forward AgendaIAASB Current and Forward Agenda
• 利用内部审计工作(修订利用内部审计工作(修订 ISA 610ISA 610 ))• 审计报告审计报告
– 对使用者对使用者观点观点的学术研究;考虑对的学术研究;考虑对 ISA 700ISA 700 的影响的影响• 包含已审计财务信息的文件中的其他信息(修订包含已审计财务信息的文件中的其他信息(修订
ISA 720ISA 720 ))
继续制定国际审计准则
IAASB IAASB 当前及今后的工作当前及今后的工作
• ISRE 2400 and ISRS 4410 are increasingly relevant ISRE 2400 and ISRS 4410 are increasingly relevant in meeting needs of those entities exempt from in meeting needs of those entities exempt from statutory audit requirementsstatutory audit requirements
• Project approved March 2009; IAASB progressing Project approved March 2009; IAASB progressing discussion of issuesdiscussion of issues
• Project considerationsProject considerations– Alternative services must be clearly distinguishable Alternative services must be clearly distinguishable
as to level of assurance, work effort and cost as to level of assurance, work effort and cost
– Communication to promote user understandingCommunication to promote user understanding
Alternatives to Audit: Reviews & Compilations
IAASB Current and Forward AgendaIAASB Current and Forward Agenda
• New ISAE 3402: New ISAE 3402: Assurance Reports on Controls Assurance Reports on Controls at a Third-Party Service Organizationat a Third-Party Service Organization
– Concurrent initiative in the US to revise SAS 70Concurrent initiative in the US to revise SAS 70
– Approval expected September 2009Approval expected September 2009
• New ISAE: New ISAE: Assurance on Greenhouse Gas Assurance on Greenhouse Gas StatementsStatements– First IAASB project in the area of sustainability First IAASB project in the area of sustainability
assurance assurance
– Consultation plan under development Consultation plan under development
International Standards on Assurance Engagements (ISAEs)
IAASB Current and Forward Agenda IAASB Current and Forward Agenda
• New ISAE: New ISAE: Pro-forma Financial Information Pro-forma Financial Information included in Prospective Financial Informationincluded in Prospective Financial Information– Exposure draft expected December 2009Exposure draft expected December 2009
• Revision ISAE 3000: Revision ISAE 3000: Assurance Engagements Assurance Engagements Other Than Audits and Reviews of Financial Other Than Audits and Reviews of Financial StandardsStandards
International Standards on Assurance Engagements (ISAEs) (cont’d)
IAASB Current and Forward AgendaIAASB Current and Forward Agenda
Rapid ResponseRapid ResponseDevelopment of a mechanism for responses to urgent Development of a mechanism for responses to urgent
issues issues
XBRLAddressing performance and reporting expectations of the Addressing performance and reporting expectations of the auditor in connection with audited financial statements auditor in connection with audited financial statements accompanied by XBRL data accompanied by XBRL data
IAASB Current and Forward AgendaIAASB Current and Forward Agenda
Impact AnalysisAnalysis of impacts (costs, benefits, etc.) of proposed new or Analysis of impacts (costs, benefits, etc.) of proposed new or revised standards, as part of due process considerationsrevised standards, as part of due process considerations