At its meeting on December 5-9, 2022, the IAASB, after presenting an updated version of proposed Part 10 and the related authority, voted on, and unanimously approved the Exposure Draft of the proposed Part 10 along with the proposed conforming amendments resulting from Part 10. With respect to the authority, the Board also agreed to include two examples of a size threshold for which the use of the standard may be appropriate (i.e., the European Commission’s definition of a “small enterprise” and another contrasting example that also broadens the geographical scope of the examples) in the main body of the authority. The IAASB will publish the ED-Part 10 in January 2023 with a 90-day comment period. The LCE Task Force will continue to work on the drafting of updates to further areas identified as in need of more significant revisions, for discussion with the Board in March 2023.

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At its meeting on December 5-9, 2022, the IAASB generally supported the direction being taken by the Going Concern Task Force and discussed issues related to transparency in the auditor’s report with respect to going concern issues. In March 2023, the Going Concern Task Force intends to present to the Board an Exposure Draft of proposed ISA 570 (Revised) for approval.

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At its meeting on December 5-9, 2022, the IAASB generally supported the direction being taken by the Fraud Task Force and discussed issues related to transparency in the auditor’s report with respect to fraud. In June 2022, the Fraud Task Force will present the Board with a full draft of proposed ISA 240 (Revised).

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At its meeting on December 5-9, 2022, the IAASB agreed to adopt the IESBA definition of PIE and “publicly traded entity” into the definitions in ISQM 1, ISA 200 and the Glossary of Terms, and including further requirements and application material from the IESBA Code that address the scoping of PIEs. In March 2023, the PIE Task Force intends to present to the Board respondents’ feedback from the public consultation for the proposed narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) related to this project.

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At its meeting on December 5-9, 2022, the IAASB discussed issues related to the proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, including those related to (i) definitions; (ii) acceptance and continuance; (iii) evidence; (iv) planning; (v) accumulation and consideration of identified misstatements; and (vi) risk of material misstatement. In March 2023, the Sustainability Assurance Task Force will present draft requirements and application material for the remaining Parts of the proposed standard that were not presented in December 2022.

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