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Location: Virtual by videoconferencing
In September 2020, the International Auditing and Assurance Standards Board (IAASB) released a summary of its September 14-23, 2020 meeting.
The following topics were discussed at the meeting:
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on September 14-23, 2020, the IAASB approved ISQM 1 as a final standard. Firms will be required to design and implement systems of quality management in compliance with ISQM 1 by December 15, 2022. Once the Public Interest Oversight Board’s (PIOB) confirmation that due process was followed is received, the Board will formally release the standard. In finalizing ISQM 1, the Board considered how to enhance the focus on the public interest and consistent performance of quality engagements in the context of the objective of the standard, and discussed clarifications relating to human resources and external communications. The Board also suggested a number of areas that should be emphasized in the basis for conclusions.
At its meeting on September 14-23, 2020, the IAASB approved ISQM 1 as a final standard. Firms will be required to design and implement systems of quality management in compliance with ISQM 1 by December 15, 2022. Once the Public Interest Oversight Board’s (PIOB) confirmation that due process was followed is received, the Board will formally release the standard. In finalizing ISQM 1, the Board considered how to enhance the focus on the public interest and consistent performance of quality engagements in the context of the objective of the standard, and discussed clarifications relating to human resources and external communications. The Board also suggested a number of areas that should be emphasized in the basis for conclusions.
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on September 14-23, 2020, the IAASB approved ISA 220 (Revised), which will be effective for audits of financial statements for periods beginning on or after December 15, 2022. Once the Public Interest Oversight Board’s confirmation that due process was followed is received, the Board will formally release the standard. In finalizing the standard, the Board focused on clarifying the engagement partner’s responsibilities, the scalability of the standard, and the linkages with ISQM 1.
At its meeting on September 14-23, 2020, the IAASB approved ISA 220 (Revised), which will be effective for audits of financial statements for periods beginning on or after December 15, 2022. Once the Public Interest Oversight Board’s confirmation that due process was followed is received, the Board will formally release the standard. In finalizing the standard, the Board focused on clarifying the engagement partner’s responsibilities, the scalability of the standard, and the linkages with ISQM 1.
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on September 14-23, 2020, the IAASB approved ISQM 2 as a final standard, which will be effective on December 15, 2022. Once the Public Interest Oversight Board’s confirmation that due process was followed is received, the Board will formally release the standard. The Board also received an update on the approval of the proposed revisions to the IESBA Code addressing the objectivity of engagement quality reviewers and acknowledged the coordination efforts between the two Boards.
At its meeting on September 14-23, 2020, the IAASB approved ISQM 2 as a final standard, which will be effective on December 15, 2022. Once the Public Interest Oversight Board’s confirmation that due process was followed is received, the Board will formally release the standard. The Board also received an update on the approval of the proposed revisions to the IESBA Code addressing the objectivity of engagement quality reviewers and acknowledged the coordination efforts between the two Boards.
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on September 14-23, 2020, the IAASB received an overview of the comment letters received on the March 2020 EER Assurance Consultation Paper. The Board discussed respondents’ comments on the Consultation Paper and the EER Task Force’s proposals for addressing the comments. A revised draft of the Non-Authoritative – EER Assurance will be presented to the Board at the December 2020 IAASB meeting, with a view to finalization in March 2021.
At its meeting on September 14-23, 2020, the IAASB received an overview of the comment letters received on the March 2020 EER Assurance Consultation Paper. The Board discussed respondents’ comments on the Consultation Paper and the EER Task Force’s proposals for addressing the comments. A revised draft of the Non-Authoritative – EER Assurance will be presented to the Board at the December 2020 IAASB meeting, with a view to finalization in March 2021.
Review the summary, including the podcast, on the IAASB's Web site.