At its meeting on June 21-24, 2016, the IAASB considered a first draft of a Discussion Paper in respect of its project to revise ISRS 4400, based on outreach to date conducted by the Working Group. The Board will review a revised draft of this document at its meeting in September 2016, and hopes to finalize it for issue for public comment following that meeting.

Review the summary on the IAASB's Web site.

At its meeting on June 21-24, 2016, the IAASB made a number of revisions and then approved the final amendments to ISA 250 and related standards in respect of this project. These will be published after PIOB confirmation that appropriate due process has been followed in the development of the amendments. The amendments to the ISAs will be effective for the audits of financial statements for periods ending on or after December 15, 2017.

Review the summary on the IAASB's Web site.

At its meeting on June 21-24, 2016, the IAASB focused its discussions on the risk assessment section (i.e., the need for greater granularity), the definitions, and scalability and had an initial discussion on work effort. The Board will discuss the project again at its teleconference meeting in July 2016. It is intended that the Task Force will present an initial draft of the proposed Exposure Draft to the September 2016 meeting of the Board.

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At its meeting on June 21-24, 2016, the IAASB provided input on the DAWG’s proposed publication, The IAASB’s Work to Explore the Growing Use of Technology in the Audit, including Data Analytics. While making suggestions for a more proactive approach in some areas, the IAASB supported the Working Group moving forward with finalizing the publication, agreeing that it would meet the objectives of:  (i) raising awareness with stakeholders; (ii) delivering a message that the extant ISAs do not prohibit the use of data analytics in a financial statement audit; and (iii) communicating the way forward for the IAASB’s Data Analytics project.

The IAASB was supportive of the DAWG’s active involvement in the IAASB’s current standard-setting projects and assessing the potential impact on the ISAs arising from data analytics. The IAASB encouraged the DAWG to continue with its outreach activities, exploring whether involvement of a project advisory group or roundtable events might be effective in further information gathering and facilitating a two-way dialogue with stakeholders.

At its meeting on June 21-24, 2016, the ISA 315 (Revised) Working Group presented the IAASB with significant issues and other matters for consideration in considering potential areas for revision to ISA 315 (Revised). The IAASB agreed with the major issues identified, and highlighted some additional matters that should be addressed. The IAASB also provided input on the proposed project objectives and agreed with the focus and direction of the project. The IAASB directed the Working Group to present a project proposal for the IAASB’s consideration at its September 2016 meeting to commence standard-setting activities. The Working Group was also asked to present issues and recommendations on priority topics at the September 2016 IAASB meeting, including in respect of those matters that require coordination with the ISA 540 Task Force.

At its meeting on June 21-24, 2016, the IAASB had an initial high level discussion of the responses to date on its ITC. The comment period ended in May 2016 and 85 responses have been received so far. The Board will continue these discussions at its meeting in September 2016.

Review the summary on the IAASB's Web site.