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SEC Approves the PCAOB’s Updated Standard on Requirements Related to the Lead Auditor’s Use of Other Auditors
Aug 15, 2022
On August 12, 2022, the Securities Exchange Commission (the SEC) approved the Public Company Accounting Oversight Board’s (PCAOB) updated standards for audits that involve multiple auditing firms. The amended standards strengthen the requirements for lead auditors who supervise other auditors in an audit, helping to enhance audit quality and protect investors.
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AcSOC and AASOC comment on the ISSB’s two Exposure Drafts
Aug 15, 2022
On August 15, 2022, the Accounting Standards Oversight Council (AcSOC) and the Auditing and Assurance Standards Oversight Council (AASOC) posted copies of their comment letters on the International Sustainability Standards Board’s (ISSB’s) two Exposure Drafts.
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IESBA Meeting Highlights: June 2022 Meeting
Aug 15, 2022
In August 2022, the International Ethics Standards Board for Accountants (IESBA) released the highlights summary of its virtual meetings held on June 6-8, 2022.
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IASB publishes a short video on the results of its Agenda Consultation
Aug 10, 2022
On July 29, 2022, the International Accounting Standards Board (IASB) concluded its third agenda consultation by releasing a feedback statement. In a video now released, IASB Chair Andreas Barckow discusses the reasons for the IASB’s decisions as result of the agenda consultation and how the IASB responded to the extensive feedback from its diverse stakeholders.
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AASB Exposure Draft issued: Amendments to the CASs with respect to the IESBA’s Revised Definitions of Listed Entities and PIEs
Aug 09, 2022
On August 9, 2022, the Auditing and Assurance Standards Board (AASB) issued an Exposure Draft of “Proposed Narrow-scope Amendments to CAS 700, Forming and Opinion and Reporting on Financial Statements, and CAS 260, Communication with Those Charged with Governance, as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities”. Comments to the AASB must be received by September 16, 2022.
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CPAB Responds to the ISSB’s Exposure Drafts
Aug 08, 2022
On August 8, 2022, the Canadian Public Accountability Board (CPAB) posted a copy of its response letter in respect of the ISSB’s Exposure Drafts, “General Requirements for Disclosure of Sustainability‐related Financial Information” and “Climate‐related Disclosures”.
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ISSB receives global response on proposed sustainability disclosure standards
Aug 05, 2022
On August 5, 2022, the International Sustainability Standards Board (ISSB) issued a press release advising that it has received more than 1,300 comment letters on its two proposed sustainability disclosure standards.
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IAASB: Quality Management Implementation Resources available
Aug 02, 2022
The IAASB has issued several resources to assist practitioners in the first-time implementation of its new and revised quality management standards. These include guides for ISQM 1, ISQM 2 and ISA 220 (Revised), and a definition of an engagement team fact sheet.
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Learn more about the IAASB’s new and revised quality management standards with two on-demand video panel discussions from IFAC
Aug 02, 2022
In order to support implementation and help small- and medium-sized practices (SMPs) understand, navigate and apply the revised standards, IFAC in collaboration with the Forum of Firms held two video panel discussions. These focus on providing an overview of International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, how firms are planning its implementation, and sharing practical examples, tips and suggested good practices.
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IAASB issues new FAQ Publication for Reporting Going Concern Matters in the Auditor’s Report
Aug 01, 2022
On August 1, 2022, the IAASB issued a non-authoritative 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 Related to Going Concern and Key Audit Matters sections, and the Emphasis of Matter paragraphs, in an auditor’s report prepared in accordance with the International Standards on Auditing (ISAs).
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Future-forward readiness — Preparing for SEC cybersecurity risk management, strategy, governance, and incident disclosure proposed ruling
published Aug 03, 2022
The Securities and Exchange Commission (SEC) has proposed enhancements to disclosures regarding cybersecurity risk management, strategy and incident response in their ruling Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure issued on March 9, 2022.
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Why CFOs are moving toward a more dynamic finance function
published Jul 28, 2022
Over the past decades, CFOs have worked diligently to mitigate as much risk to their business operations as possible. But, with the many unforeseen events of the past few years, they have likely concluded that a better approach may exist. To ensure their companies are prepared to respond to a multitude of unanticipated forces, their organizations need to be more nimble and agile. Indeed, the ability to adapt to the pace of change by harnessing tools and processes that boost flexibility may very well differentiate one finance team’s performance from another’s.
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Reporting Going Concern Matters in the Auditor’s Report
published Jul 27, 2022
This non-authoritative Frequently Asked Questions publication addresses 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 Related to Going Concern and Key Audit Matters sections, and the Emphasis of Matter paragraphs, in an auditor’s report prepared in accordance with the International Standards on Auditing.
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ISA 315 First-Time Implementation Guide
published Jul 27, 2022
The IAASB today released its First-Time Implementation Guide for ISA 315 (Revised 2019), 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 revised standard as intended. ISA 315 (Revised 2019) is effective for audits of financial statements for periods beginning on or after December 15, 2021. This publication does not amend or override ISA 315 (Revised 2019), the text of which alone is authoritative.
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World Economic Outlook: Gloomy and more uncertain
published Jul 25, 2022
A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide especially in the United States and major European economies triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.
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Deloitte comment letter on ISSB’s proposal on general requirements for disclosure of sustainability-related financial information
published Jul 20, 2022
We have commented on the ISSB's exposure draft ED/2022/S1 'General Requirements for Disclosure of Sustainability-related Financial Information' published in March 2022.
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Deloitte comment letter on ISSB’s proposal on climate-related disclosures
published Jul 20, 2022
We have commented on the ISSB's exposure draft ED/2022/S2 'Climate-related Disclosures' published in March 2022.
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Why the Russia-Ukraine war may drive CFOs to reconfigure battered supply chains
published Jul 14, 2022
COVID-19 rattled global supply chains. Now, the war between Russia and Ukraine threatens to shake them apart. In this edition of CFO Insights, we’ll investigate what CFOs can do to fortify their logistics networks, replacing fragility with agility.
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MD&A assessment tool
published Jul 14, 2022
This publication is designed to be an easy-to-use tool to assess your company’s MD&A. All of the current requirements, as per National Instrument 51-102 Continuous Disclosure Obligations, have been included, along with an area for users to include commentary specific to their company.
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Pivotal moments for family enterprises: The art of governance
published Jul 07, 2022
Like a great work of art, family enterprises are unique, crafted over time, and highly valued. While no two family enterprises are the same, they are united by a series of pivotal moments —opportunities to grow, evolve, or transform—and preparation is essential for fully seizing those opportunities. This is the first article in a series exploring the eight foundational elements that can help family enterprises maximize the opportunities that arise. Because, with the right canvas, family enterprises can craft a business that supports its evolving vision, interests, needs, and values for generations to come.
