Assurance

1 August 2022 Information How should auditors include going concern related issues in the auditor’s report? IAASB issued a non-authoritative Frequently Asked Questions (FAQ) publication to address some of the common questions related to reporting going concern matters in the auditor’s report. Specifically, the publication focuses on the use of and interrelationship of the Material Uncertainty …

New FAQ publication for reporting going concern matters Read More »

Jul 22, 2022 IRBA is requesting comments on the proposed IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements. The proposed IRBA rule deals with additional disclosures in the independent auditor’s report on the audit of annual financial statements, including additional disclosures relating to materiality, audit fees and key audit matters. All …

Request for Comment on Proposed Rule on Enhanced Auditor Reporting for the Audit of Financial Statements Read More »

The ISSB met on 21 July 2022 to review a summary of preliminary feedback gathered during meetings with stakeholders on the exposure drafts: IFRS S1 General Sustainability-related Disclosure Requirements and IFRS S2 Climate-related Disclosures. ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd talk through the highlights from this inaugural ISSB meeting. The discussion includes: background on the ISSB; …

The First episode of the ISSB podcast available Read More »

Information Jul 27, 2022 The International Auditing and Assurance Standards Board (IAASB) released its First-Time Implementation Guide for ISA 315, Identifying and Assessing the Risks of Material Misstatement. The guide focuses on the more substantial changes that were made to International Standard on Auditing (ISA) 315 (Revised 2019) and will help stakeholders understand and apply the …

Audit of Financial Statements: New Implementation Guide for Identifying and Assessing the Risks of Material Misstatement (ISA 315) Read More »

6 July 2022 Scope amendments were proposed to: • ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and • ISA 260 (Revised), Communication with Those Charged with Governance. The amendments are aimed to operationalize revisions to the IESBA code of ethics requiring that firms publicly disclose when it has applied the independence …

IAASB Proposes scope amendments to ISA 700 and ISA 260 Read More »

IRBA issued an exposure draft of the Proposed IRBA Rules Arising from the International Standards on Quality Management (The proposed IRBA Rules) for public comment. Information The exposure draft highlights the following proposed IRBA rules: Proposed Rule 1: Firm Chief Executive Officer (CEO) A firm’s CEO should be a registered auditor (RA), subject to firms …

Exposure Draft of the Proposed IRBA Rules Arising from the adoption of ISQM Read More »

New IFAC initiative highlights the critical role of CFOs and finance functions in enabling an integrated mindset Jun 14, 2022 Information and implication Functional and information silos within organizations are barriers to delivering high-quality sustainability-related information, which is necessary for decision making and trustworthy corporate reporting. Boards and CEOs are turning to CFOs and finance …

IFAC calls on global business leadership to drive trust and sustainable value creation by championing an “integrated mindset” Read More »