International Federation of Accountants Professional Perspectives Through IFAC Professional Perspectives Through IFAC Initiatives: Initiatives: An International Auditing and Assurance An International Auditing and Assurance Standards Board Perspective Standards Board Perspective Jim Sylph Jim Sylph Executive Director – Executive Director – Professional Standards Professional Standards IFAC & EBA Joint Conference IFAC & EBA Joint Conference Tallinn Tallinn September 9, 2009 September 9, 2009 1
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Professional Perspectives Through IFAC Initiatives:
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International Federation of Accountants
Professional Perspectives Through IFAC Initiatives:Professional Perspectives Through IFAC Initiatives:An International Auditing and Assurance An International Auditing and Assurance
– Short videos and supporting slides covering mShort videos and supporting slides covering main thrust of the revised ISA ain thrust of the revised ISA and significant changesand significant changes
– First release Q3 2009, free of charge from CenterFirst release Q3 2009, free of charge from Center
ISA Implementation Support
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Introduction and Overview
Overall Objectives of the Auditor
Group Audits
Accounting Estimates and Fair Values
Related Parties Communications with Those Charged with Governance and Management
ISA Implementation ISA Implementation
• IAASB is seeking feedback on implementation and IAASB is seeking feedback on implementation and effectiveness issues concerning the clarified ISAs (2009 -effectiveness issues concerning the clarified ISAs (2009 -2011)2011)
– Consultation with firms, regulators, audit oversight bodies, Consultation with firms, regulators, audit oversight bodies, IAASB National Auditing Standard Setters (NSS) & othersIAASB National Auditing Standard Setters (NSS) & others
– Capturing first-year implementation experiences of selected NSS Capturing first-year implementation experiences of selected NSS and audit firm ‘early-adopters’and audit firm ‘early-adopters’
• QuestionnaireQuestionnaire
• Differing national timetables necessitate iterative approachDiffering national timetables necessitate iterative approach
• A post-implementation review of the ISAs is planned in the A post-implementation review of the ISAs is planned in the longer term (2012 or later) longer term (2012 or later)
ISA Implementation Monitoring
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Alternatives to the AuditAlternatives to the Audit
• Project approved March 2009; Issues Papers presented at the Project approved March 2009; Issues Papers presented at the June and September 2009 IAASB meetingsJune and September 2009 IAASB meetings
• ISRE 2400 and ISRS 4410 highly relevant as exemptions ISRE 2400 and ISRS 4410 highly relevant as exemptions from statutory audit requirements increase (e.g. as in many from statutory audit requirements increase (e.g. as in many EU countries including Estonia)EU countries including Estonia)
• Priority given to revising these standardsPriority given to revising these standards
• Project considerations:Project considerations:
– ““An audit is an audit”, but … An audit is an audit”, but …
– Alternative services must be clearly distinguishable as to Alternative services must be clearly distinguishable as to level of assurance (where applicable); required work effort level of assurance (where applicable); required work effort
– Communication to promote user understanding.Communication to promote user understanding.
Standards for Alternative Assurance & Other Services: Reviews and Compilations
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International Standards on Assurance EngagementsInternational Standards on Assurance Engagements
• Approval of final ISAE expected September 2009Approval of final ISAE expected September 2009
Revision: ISAE 3402 Assurance Reports on Controls at a Third-Party Service Organization
New ISAE: Pro-forma Financial Information included in Prospective Financial Information
New ISAE: Assurance on Greenhouse Gas Statements
• Exposure draft expected December 2009
• First IAASB project in the area of sustainability assurance • Exposure draft under development
Revision ISAE 3400: Examination of Prospective Financial Information