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Location: Hong Kong
On September 27, 2016, the International Auditing and Assurance Standards Board (IAASB) released a summary of its September 19 - 23, 2016 meeting.
The following topics were discussed at the meeting:
Review the summary on the IAASB's Web site.
At its meeting on September 19-23, 2016, the IAASB (a) was informed about the ISA 540 Task Force’s activities since the July 2016 teleconference call; and (b) provided its views to the Task Force on (i) an issues paper on revisions to ISA 540 and (ii) a draft of proposed amendments to ISA 540. In particular, definitions, risk assessment, work effort and documentation issues were discussed.
At its meeting on September 19-23, 2016, the IAASB (a) was informed about the ISA 540 Task Force’s activities since the July 2016 teleconference call; and (b) provided its views to the Task Force on (i) an issues paper on revisions to ISA 540 and (ii) a draft of proposed amendments to ISA 540. In particular, definitions, risk assessment, work effort and documentation issues were discussed.
Review the summary on the IAASB's Web site.
At its meeting on September 19–23, 2016, the IAASB (a) was informed about the ISA 315 Working Group's activities since the June 2016 IAASB Board meeting; (b) approved a proposed project proposal on the revisions to ISA 315, subject to certain agreed changes, and (c) provided input on certain issues and working group recommendations related to revising ISA 315. In particular, the components of internal control, significant risks and the spectrum of risks were discussed.
At its meeting on September 19–23, 2016, the IAASB (a) was informed about the ISA 315 Working Group's activities since the June 2016 IAASB Board meeting; (b) approved a proposed project proposal on the revisions to ISA 315, subject to certain agreed changes, and (c) provided input on certain issues and working group recommendations related to revising ISA 315. In particular, the components of internal control, significant risks and the spectrum of risks were discussed.
Review the summary on the IAASB's Web site.
At its meeting on September 19-23, 2016, the IAASB (a) continued its review of a high-level summary of the responses to the ITC; and (b) discussed the Audit Quality Enhancements Coordination Group’s considerations of possible options for the way forward. Of note, the IAASB expects to review project proposals in respect of (i) group audits; and (ii) quality control at its December 2016 meeting.
At its meeting on September 19-23, 2016, the IAASB (a) continued its review of a high-level summary of the responses to the ITC; and (b) discussed the Audit Quality Enhancements Coordination Group’s considerations of possible options for the way forward. Of note, the IAASB expects to review project proposals in respect of (i) group audits; and (ii) quality control at its December 2016 meeting.
Review the summary on the IAASB's Web site.
At its meeting on September 19–23, 2016, the IAASB continued its review of a revised draft Discussion Paper (DP) entitled Exploring the Growing Need for Agreed-Upon Procedures Engagements and Other Services and Implications for the IAASB's Standards. Subject to certain agreed changes, the IAASB approved the DP and it is expected to be issued for public comment by the end of November 2016.
At its meeting on September 19–23, 2016, the IAASB continued its review of a revised draft Discussion Paper (DP) entitled Exploring the Growing Need for Agreed-Upon Procedures Engagements and Other Services and Implications for the IAASB's Standards. Subject to certain agreed changes, the IAASB approved the DP and it is expected to be issued for public comment by the end of November 2016.
Review the summary on the IAASB's Web site.