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Location: Virtual by videoconferencing
In October 2021, the International Auditing and Assurance Standards Board (IAASB) released a summary of its September 13-17, 2021 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 13-21, 2021, in recognition that the fraud project proposal requires careful scoping and would benefit from a few iterations to finalize for Board consideration, the IAASB leadership took the decision to move the approval of the project proposal for fraud to the December 2021 IAASB meeting (previously planned for September). The Board believes this additional investment in time and effort will assist in getting the key public interest objective right. It will also ensure that the project proposal fairly reflects what was heard from respondents, the Fraud Working Group’s deliberations, feedback from the Board and further outreach undertaken.
At its meeting on September 13-21, 2021, in recognition that the fraud project proposal requires careful scoping and would benefit from a few iterations to finalize for Board consideration, the IAASB leadership took the decision to move the approval of the project proposal for fraud to the December 2021 IAASB meeting (previously planned for September). The Board believes this additional investment in time and effort will assist in getting the key public interest objective right. It will also ensure that the project proposal fairly reflects what was heard from respondents, the Fraud Working Group’s deliberations, feedback from the Board and further outreach undertaken.
Review the summary, including the podcast, on the IAASB's Web site.
At its meetings on September 13-17, 2021, the IAASB discussed the draft of proposed ISA 600 (Revised) that reflects changes based on the Board’s discussion in June 2021. In addition, the Board discussed the ISA 600 Task Force’s analysis of respondents’ comments related to the last remaining questions in the Explanatory Memorandum on the Exposure Draft of Proposed ISA 600 (Revised), including the question related to the effective date of proposed ISA 600 (Revised). The ISA 600 Task Force will update the drafting of proposed ISA 600 (Revised) and will present its work, for approval, at the December 2021 IAASB meeting.
At its meetings on September 13-17, 2021, the IAASB discussed the draft of proposed ISA 600 (Revised) that reflects changes based on the Board’s discussion in June 2021. In addition, the Board discussed the ISA 600 Task Force’s analysis of respondents’ comments related to the last remaining questions in the Explanatory Memorandum on the Exposure Draft of Proposed ISA 600 (Revised), including the question related to the effective date of proposed ISA 600 (Revised). The ISA 600 Task Force will update the drafting of proposed ISA 600 (Revised) and will present its work, for approval, at the December 2021 IAASB meeting.
Review the summary, including the podcast, on the IAASB's Web site.
At its meetings on September 13-17, 2021, the IAASB received broad feedback on the Exposure Draft of the proposed conforming and consequential amendments to the IAASB’s other standards as a result of the new and revised quality management standards that closed in May 24, 2021. The Board broadly agreed with the staff responses to the feedback received on the proposed conforming and consequential amendments and the final proposed amendments will be approved at the IAASB’s mid-quarter call on October 19–20, 2021.
At its meetings on September 13-17, 2021, the IAASB received broad feedback on the Exposure Draft of the proposed conforming and consequential amendments to the IAASB’s other standards as a result of the new and revised quality management standards that closed in May 24, 2021. The Board broadly agreed with the staff responses to the feedback received on the proposed conforming and consequential amendments and the final proposed amendments will be approved at the IAASB’s mid-quarter call on October 19–20, 2021.
Review the summary, including the podcast, on the IAASB's Web site.
At its meetings on September 13-17, 2021, the IAASB discussed the final recommendations of the Auditor Reporting Implementation Working Group (ARIWG) for the significant themes identified from the information-gathering and research activities arising from the PIR. The Board acknowledged that sufficient information-gathering, research, and analysis had been undertaken by the ARIWG to conclude the PIR and to support achieving its objectives. The Board broadly supported the PIR recommendations, and the way forward proposed by the ARIWG for purposes of completing its mandate. Specific actions in this regard include providing support and input relating to auditor reporting to the Going Concern, Fraud and PIE Working Groups as they progress their work and updating the extant Auditor Reporting Frequently Asked Questions as contemplated in the PIR recommendations.
At its meetings on September 13-17, 2021, the IAASB discussed the final recommendations of the Auditor Reporting Implementation Working Group (ARIWG) for the significant themes identified from the information-gathering and research activities arising from the PIR. The Board acknowledged that sufficient information-gathering, research, and analysis had been undertaken by the ARIWG to conclude the PIR and to support achieving its objectives. The Board broadly supported the PIR recommendations, and the way forward proposed by the ARIWG for purposes of completing its mandate. Specific actions in this regard include providing support and input relating to auditor reporting to the Going Concern, Fraud and PIE Working Groups as they progress their work and updating the extant Auditor Reporting Frequently Asked Questions as contemplated in the PIR recommendations.
Review the summary, including the podcast, on the IAASB's Web site.