IAASB sets go-forward priorities
Jun 06, 2012
The International Auditing and Assurance Standards Board (IAASB) has released its finalised strategies and work plan for the next three years. The plan reveals an emphasis on supporting global stability, adapting audit and assurance to current global conditions, and the global adoption of standards.
In responding to the three key priorities, the IAASB intends to:
- Supporting global financial stability — the main priority will be the audit report, including considering innovative ways to enhance the relevance and usefulness of auditors’ reports and auditor communications more broadly. It will also include exploring new ways in which auditor reporting could accommodate evolving national reporting regimes and facilitate enhanced approaches in corporate reporting
- Enhancing the role, relevance and quality of assurance and related services in an evolving world — in particular the revision of the standard on review engagements, to enable practitioners to better service the needs of small- and medium-sized entities (SMEs), a new standard on assurance engagements on greenhouse gas statements, and to provide a strengthened framework under which both reasonable and limited assurance engagements can be conducted
- Facilitating adoption and implementation of the standards — responding to the global financial crisis and the strong momentum for global adoption and implementation efforts in all parts of the world through sustained outreach efforts in various jurisdictions that have not yet adopted the clarified International Statements on Auditing (ISAs).
Click for IAASB press release (link to IFAC website).