International Auditing and Assurance Standards Board
IAASB Strategic Review
Alta Prinsloo, Deputy Director, IAASB
Steering Committee
INTOSAI Professional Standards Committee
April 23-24, 2007
11
Strategy Review
Consultation Plan
• Survey (January / February)
• Review of reports of audit oversight and other bodies
• Discussions with identified groups, including INTOSAI PSC
Steering Committee and IAASB CAG
• Invited forums
– April 13, Sydney
– June 28, Brussels
• Presentations at IAASB meetings
• Exposure draft – October
2
Survey
Responses
• 138 responses
• Many responses from organizations, rather
than individuals
3
Survey
Respondents
IFAC Member Body
29%
Standards Setter
18%
Professional Accountant in Public Practice
18%
Member or TA of IFAC Board or Committee 14%
Academia
11%
IAASB CAG Member Organization/Representative 11%
Public Sector
11%
IAASB Member
10%
User of Financial Statement
8%
Small and Medium Sized Practice
8%
4
Survey
Respondents
Preparer of Financial Statements
Private Sector
Regulator
Developing / Emerging Economy
Governmental or Legislative Body
IAASB Technical Advisor
Audit Oversight Body
Small and Medium Sized Entity
Donor Agency or Similar Body
Other
8%
8%
6%
6%
6%
5%
3%
2%
1%
1%
5
Survey
Most Affected Groups (Weighted)
21%
Auditors
16%
Users of financial statements (other than regulators)
15%
National standards setters
13%
Audit oversight bodies
11%
Securities and other regulators
IFAC member bodies
10%
7%
Preparers of financial statements
Regional professional accounting organizations
Other
0%
3%
4%
5%
10%
15%
20%
25%
6
Survey
Affected Groups - Other
• Others include:
– Academia (educational institutions, educators,
students, researchers)
– Public sector (government, tax authorities,
politicians)
– Legislators and courts
7
Survey
Environmental Factors (Weighted)
1.
2.
3.
4.
5.
6.
7.
8.
Credibility of financial reporting and the worldwide
accountancy profession
Convergence with international standards
Application of standards by SMPs
Regulation of the worldwide accountancy profession
The expectations gap
New needs of information users
Corporate credibility
The audit performance gap
8
Survey
Initiatives
• 99% of respondents indicated that the
following should remain the IAASB’s top
initiatives:
– Development of standards
– Global acceptance, convergence and partnership
– Communications
• No significant new initiatives were identified
9
Survey
Development of Standards – Recommendations
1.
2.
3.
4.
5.
6.
7.
8.
9.
Assist with the implementation of ISAs
Develop standards for other assurance engagements
Complete current projects / consider matters relating to
recently completed ISAs
Redraft standards other than ISAs in clarity style
Revise ISAs that were redrafted, but not revised
Develop a conceptual framework
Develop the meaning of “reasonable assurance”
Consider qualitative characteristics or behavioral aspects
of an auditor
On-line business reporting / XBRL
10
Survey
Matters for Consideration
•
•
Do you agree with the recommendations on
the previous slide?
Do you agree with the order of importance?
11
Survey
ISAs – Recommendations
• Assist with implementation of the ISAs
– Establish a period in which no new ISAs will
become effective
– ISA implementation guidance
• SMEs and emerging economies
• Industry specific guidance
– Post-implementation review of clarity redrafted
ISAs
12
Survey
Matters for Consideration
• Respondents supported establishing a period in which no
new ISAs become effective. Do you agree? How long
should this period be?
• Is there scope for releasing new standards in blocks – say,
every 3 years?
• How should issues relating to the implementation of ISAs in
the public sector be identified?
13
Survey
ISAs – Recommendations
• Revise ISAs redrafted but not revised as part
of Clarity project
– ISA 250
– ISA 720
14
Survey
Matters for Consideration
• How should the recommended revisions of ISAs
250 and 720 be prioritized?
• From a public sector perspective, are there any
other redrafted but not revised ISAs that should be
revised? How should their revisions be prioritized?
15
Survey
Other Standards – Recommendations
• Develop standards for other assurance engagements
– Reporting on internal control and risk management
– Reporting on sustainability reports
– Auditor’s involvement in prospectuses, including
prospective and pro forma financial information and
comfort letters
• Redraft ISREs, ISAEs and ISRSs in clarity style
• Address conceptual issues (i.e., framework,
reasonable assurance)
16
Survey
Matters for Consideration
• Is the list of recommended standards for assurance
engagements complete?
• How should the recommended projects be prioritized?
• How should a project to develop a conceptual framework be
prioritized?
• What aspects relating to the qualitative characteristics or
behavior of an auditor should be considered?
17
Survey
Global Acceptance – Recommendations
• Continue to identify and address impediments to
convergence
• Continue dialogue with those affected by the
IAASB’s activities
–
–
–
–
–
SMEs / SMPs and emerging economies
National standard setters
INTOSAI
International regulators and audit oversight bodies
Jurisdictions that have not yet indicated intention to
adopt the ISAs
18
Survey
Global Acceptance – Recommendations
• Drive implementation by utilizing
–
–
–
–
Regional organizations
IFAC member bodies
National standard setters
Forum of Firms
• Facilitate
– Translations
– Training
– Exchange of experiences
19
Survey
Matter for Consideration
•
The responses supported continuing to put weight
on this activity, but it was not clear what should
be done in addition to what is already in place. Is
there anything further that the IAASB should
consider?
20
Survey
Communication – Recommendations
• Increase and target communication
• Develop communication strategy
• Develop project updates, summaries of key
points and implications of new/revised
standards
• Create an awareness amongst investors and
the wider public as to what an audit is
21
Survey
Matter for Consideration
•
Who should be the IAASB’s principal
targets for communication, and what
should be communicated?
22
International Federation of Accountants
www.ifac.org
23
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