Assurance

The definitions issued by the IESBA can assist regulators, national standard setters, and other relevant bodies in developing or revising their definitions of PIE at the local level based on the IESBA’s PIE definition. This database covers 78 jurisdictions in the Americas, Europe, Africa, Asia, and Oceania. The PIE revisions become effective for audits of …

Database of Public Interest Entity (PIE) definitions issued for different countries Read More »

In a publication on 24 April 2023, the International Auditing and Assurance Standards Board (IAASB) confirmed that the consultation on its proposed new standard for sustainability assurance would be brought forward. The draft standards, International Standard on Sustainability Assurance (ISSA) 5000, are planned to be released in August 2023. Following the consultation, the standards are …

Sustainability assurance standards ISSA 5000 consultation is brought forward Read More »

16 January 2023 The International Auditing and Assurance Standards Board (IAASB) has published a public consultation for its 2024-27 proposed strategy and work plan, with it wishing to develop an overarching standard for assurance on sustainability reporting. New globally accepted standards aim to improve investor confidence and “reduce the risk of material misstatements”. The proposed …

IAASB Begins Work on Global Standards for ESG Assurance Read More »

15 December 2022 This new tool will help auditors implement the new International Standard on Auditing (ISA) 315 which came into effect for audits of financial statements for periods beginning on or after December 15, 2021. The tool does not replace the need to read ISA 315, including its application and other explanatory material. The …

IFAC released a new resource: The Risk Identification and Assessment Process: Tips on implementing ISA 315 Read More »

15 December 2022 The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet on the interactions between International Standard on Audit (ISA) 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits. The aspects highlighted the Factsheet are: · Revised Definition Of Engagement Team; and …

IAASB Factsheet on Quality Management and Group Audits Read More »

13 January 2023 The following hearings are scheduled for February 2023: 1. IRBA // LA 14-15 February, 09h30-16h00 Overview of charges: Respondent failed to assemble audit documentation in the audit file following an audit engagement of a Retirement Estate Body Corporate (Body Corporate). In particular, the Respondent failed to include documentation regarding verification of legal …

IRBA Disciplinary Hearings for February 2023 Read More »

The UK regulator Financial Reporting Council (FRC) is an independent body responsible for monitoring the quality of major local audits revealed “significant weaknesses” in the BDO audit team’s documentation, archiving and engagement. It emerged that a member of the team working on a VfM (Value for Money) audit changed an audit file of an unnamed public …

BDO auditor fired for changing an audit file earmarked for investigation by the regulator Read More »

11 November 2022 At Sharm El-Sheikh’s COP27 the ISSB announced further steps in its delivery of the architecture needed for a global baseline, as well as partnerships agreed, that will help jurisdictions prepare for its implementation. The discussion in the podcast covers: ISSB announcements made at COP27 support for scalability and proportionality and collaboration on …

ISSB at COP27 podcast available now Read More »

1 November 2022 Over the course of the COVID pandemic, IFAC has stressed a core set of key priorities for G20 leaders—advancing sustainability, supporting sound public financial management, resisting regulatory fragmentation, and embracing global collaboration. These remain unchanged as we march toward 2030. Global collaboration is important to achieve our goals. The way forward is …

IFAC’s G20 Call to Action: Progress in Times of Uncertainty   Read More »