At its meeting on March 14-18, 2016, the IAASB reviewed a Staff paper which sets out the background to the project, the post-implementation review findings related to ISA 315 (Revised) and anticipated interactions with other current IAASB projects. The Board provided comments on the Staff paper and noted that certain aspects of the ISA 315 (Revised) project would need to be prioritized due to the interactions with the ISA 540 project, in particular the inconsistency in the nature and number of significant risks identified, identification of controls relevant to the audit, and risks and controls arising from information technology.

At its meeting on March 14-18, 2016, the IAASB agreed to move forward with the issuance of a Discussion Paper for public comment by the IRWG and suggested further areas for clarification to the draft that was presented. The Board agreed with the framework-neutral approach that had been taken in the draft, which considers the topic of Integrated Reporting within Emerging Forms of External Reporting (EER), as well as professional services in the broader context of credibility and trust. The Board will consider a revised draft of the Discussion Paper at its June 2016 meeting for issuance by the Working Group thereafter.

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At its meeting on March 14-18, 2016, the IAASB received a report on the ISA 540 Task Force’s analysis of issues identified to date and the proposed responses based on the discussions by the Task Force. The IAASB instructed the ISA 540 Task Force to liaise with several other working groups, including the Professional Skepticism Working Group, as their work moves forward. The Task Force expects to meet again twice prior to the June 2016 meeting of the IAASB.

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At its meeting on March 14- 18, 2016, the IAASB, noting that the IESBA expects to approve the related changes to its Code in April 2016, received details of the significant comments received from stakeholders in response to the IAASB’s Exposure Draft (ED), Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations, and the Task Force’s recommendations with respect to these items. The IAASB confirmed its view that the terminology in the ISAs should be aligned with the IESBA Code as much as possible. The IAASB also gave input with respect to (i) reporting non-compliance to an authority outside the entity and how this should be described in ISA 250;  and (ii) the definition of non-compliance.

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At its meeting on March 14-18, 2016, the IAASB received a report from the Professional Skepticism Working Group (PSWG) regarding (i) feedback from outreach activities conducted to date; (ii) proposed deliverables for the short, medium and longer term; and (iii) proposed outreach activities for the future. The PSWG includes representatives from the IAASB, the IESBA and the International Accounting Education Standards Board.

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At its meeting on March 14-18, 2016, the IAASB (i) received a report on key messages from consultations undertaken to determine the nature and extent of demands to broaden the scope of agreed-upon procedures (AUP) engagements; (ii) discussed the key issues identified by the AUP Working Group that the project needs to address; and (iii) received a summary of the preliminary views of the AUP Working Group on the way forward for the project.

Review the summary on the IAASB's Web site.