At its meeting on December 11-15, 2017, with respect to quality control at the engagement level, the IAASB supported the direction of the proposed changes to ISA 220. In particular, the Board supported the proposed changes that emphasize that the engagement partner is responsible and accountable for audit quality. The Board encouraged the ISA 220 Task Force to consider, as it progresses revisions to ISA 220, how the proposed changes will strengthen the performance of quality audits. With respect to quality control at the firm level, the IAASB discussed a first read of the proposed exposure draft of ISQC 1 (Revised) and was broadly supportive of the direction of the standard. The Task Force will continue to progress the proposed changes to the standard for a second read of an exposure draft in March 2018.

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At its meeting on December 11-15, 2017, the IAASB received a presentation about the interconnections between ISA 600 and other ongoing projects, and how the Task Force is monitoring the activities of the other task forces, providing input and considering implications of changes in the other standards on ISA 600.

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At its meeting on December 11-15, 2017, the IAASB discussed the Professional Skepticism Subgroup’s analysis and related conclusions regarding different “mindset” concepts of professional skepticism and the use of the words in the ISAs. The Board supported the conclusions of the Subgroup, including that the current concept of the attitude of professional skepticism involving a “questioning mind” continues to be appropriate and should be retained within the ISAs.

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At its meeting on December 11-15, 2017, the IAASB received an update on the project. It was noted that the grant agreement with the World Business Council for Sustainable Development (WBCSD) was finalized for the funding of the project and that the Project Proposal and Feedback Statement has been finalized to be published on the IAASB’s website. The Board also received an update on the plan for developing the framework for the non-authoritative guidance for EER during the next year, including the required research to be gathered and the establishment of a Project Advisory Panel.

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At its meeting on December 11-15, 2017, the IAASB received a video presentation as well as feedback statement in regards to the outreach and responses received from the public. The update included, in broad the work done by the Working Group since the last board meeting, but specifically the opportunity to work with the ISA 315 (Revised) Task Force in developing specific application material relating to Data Analytics.

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At its meeting on December 11-15, 2017, the IAASB discussed key issues raised by respondents in relation to the Exposure Draft of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, including the scalability of the ISA, the use of the term “reasonable,” the exercise of professional skepticism and the Task Force’s approach to the application material. The IAASB also discussed the Task Force’s revisions to requirements and application material based on comments received on the Exposure Draft. The IAASB asked the Task Force to focus on redrafting the application material according to the planned approach with a view to conducting a first read of ISA 540 (Revised) in March 2018, ahead of a targeted approval in June 2018.

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At its meeting on December 11-15, 2017, the IAASB discussed a first read of proposed changes to the requirements and application material of ISA 315 (Revised). The Board broadly supported the proposals, but asked for further consideration by the Task Force on various matters. In particular, the Board recognized the need for further consideration about scalability, but agreed that scalability should be presented through the requirements and application material in context of the auditor’s consideration of risk thereby eliminating the need for “considerations for smaller entities.” The Task Force will continue to progress the proposed changes to the standard for a second read of an exposure draft in March 2018.

Review the summary, including the podcast, on the IAASB's Web site.