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Location: Virtual by videoconferencing
In March 2022, the International Auditing and Assurance Standards Board (IAASB) released a summary of its March 14-18 and March 23, 2022 meetings.
The following topics were discussed at the meetings:
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on March 14-18 and 23, 2022, the IAASB considered the first full draft of proposed ISA 500 (Revised). Although broadly supportive of the direction of the proposals, the Board asked the Audit Evidence Task Force to further explore and clarify the purpose or role of proposed ISA 500 (Revised) in relation to the auditor’s responsibility to design and perform audit procedures, including its relationship with the other ISAs. The Board also provided direction on the meaning of the term “auditor’s purposes” in the proposed standard. In addition, the Board asked the Audit Evidence Task Force to further consider the proposed definitions, including whether in all cases information needs to be subject to audit procedures to become audit evidence. The Audit Evidence Task Force will update the draft proposed ISA 500 (Revised) based on Board members’ feedback and will provide an updated draft to the Board for discussion at the June 2022 IAASB meeting.
At its meeting on March 14-18 and 23, 2022, the IAASB considered the first full draft of proposed ISA 500 (Revised). Although broadly supportive of the direction of the proposals, the Board asked the Audit Evidence Task Force to further explore and clarify the purpose or role of proposed ISA 500 (Revised) in relation to the auditor’s responsibility to design and perform audit procedures, including its relationship with the other ISAs. The Board also provided direction on the meaning of the term “auditor’s purposes” in the proposed standard. In addition, the Board asked the Audit Evidence Task Force to further consider the proposed definitions, including whether in all cases information needs to be subject to audit procedures to become audit evidence. The Audit Evidence Task Force will update the draft proposed ISA 500 (Revised) based on Board members’ feedback and will provide an updated draft to the Board for discussion at the June 2022 IAASB meeting.
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on March 14-18 and 23, 2022, the IAASB discussed and approved a project proposal to undertake a narrow scope maintenance of standards project on listed entities and PIEs. This project sets out the IAASB’s actions to respond to recent revisions to the IESBA Code as a result of their project on the Definitions of Listed Entity and PIE. The IAASB’s proposed actions include: (i) a limited number of targeted changes to the ISQMs and ISAs; and (ii) developing an objective and guidelines to support the IAASB’s judgments in identifying specific matters for which differential requirements are appropriate in the ISQMs or ISAs. The Board’s will review a preliminary Exposure Draft, which will be presented for discussion and approval at the June 2022 IAASB meeting.
At its meeting on March 14-18 and 23, 2022, the IAASB discussed and approved a project proposal to undertake a narrow scope maintenance of standards project on listed entities and PIEs. This project sets out the IAASB’s actions to respond to recent revisions to the IESBA Code as a result of their project on the Definitions of Listed Entity and PIE. The IAASB’s proposed actions include: (i) a limited number of targeted changes to the ISQMs and ISAs; and (ii) developing an objective and guidelines to support the IAASB’s judgments in identifying specific matters for which differential requirements are appropriate in the ISQMs or ISAs. The Board’s will review a preliminary Exposure Draft, which will be presented for discussion and approval at the June 2022 IAASB meeting.
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on March 14-18 and 23, 2022, the IAASB discussed and broadly agreed with the Fraud Task Force’s proposals on proposed changes in ISA 240 addressing the identification and assessment of the risks of material misstatement due to fraud and communication with those charged with governance about fraud-related matters. The Board also discussed different alternatives on the way forward for transparency in reporting on fraud and agreed that all alternatives presented should be included in the planned outreach with users of financial statements. The Board was broadly supportive of the non-authoritative guidance illustrating the relationship between and linkage of ISA 240 and other ISAs. The Fraud Task Force will finalize the guidance for publication in Q2/2022. In June 2022, the Fraud Task Force will bring to the Board for discussion the topics highlighted in the March 2022 IAASB meeting as well as selected new topics (i.e., introduction section, definitions, the requirements related to journal entries, specialized skills and the presumption of fraud risk in revenue recognition, and the related application and other explanatory material), including drafting proposals for certain of these topics.
At its meeting on March 14-18 and 23, 2022, the IAASB discussed and broadly agreed with the Fraud Task Force’s proposals on proposed changes in ISA 240 addressing the identification and assessment of the risks of material misstatement due to fraud and communication with those charged with governance about fraud-related matters. The Board also discussed different alternatives on the way forward for transparency in reporting on fraud and agreed that all alternatives presented should be included in the planned outreach with users of financial statements. The Board was broadly supportive of the non-authoritative guidance illustrating the relationship between and linkage of ISA 240 and other ISAs. The Fraud Task Force will finalize the guidance for publication in Q2/2022. In June 2022, the Fraud Task Force will bring to the Board for discussion the topics highlighted in the March 2022 IAASB meeting as well as selected new topics (i.e., introduction section, definitions, the requirements related to journal entries, specialized skills and the presumption of fraud risk in revenue recognition, and the related application and other explanatory material), including drafting proposals for certain of these topics.
Review the summary, including the podcast, on the IAASB's Web site.
At its meeting on March 14-18 and 23, 2022, the IAASB discussed and approved a project proposal for the revision of ISA 570 (Revised) and the conforming and consequential amendments to other relevant ISAs. The project will primarily be focused on standard-setting actions that are intended to address targeted revisions of ISA 570 (Revised), rather than a comprehensive revision of the standard. Specifically, the project will seek to enhance or clarify: (i) the auditor’s responsibilities and work related to management’s assessment of an entity’s ability to continue as a going concern in the audit of financial statements; and (ii) transparency about the auditor’s responsibilities and work related to going concern. The Going Concern Task Force intends to discuss and bring to the Board for their input at the June 2022 IAASB meeting certain proposed actions included in the scope of the project proposal.
At its meeting on March 14-18 and 23, 2022, the IAASB discussed and approved a project proposal for the revision of ISA 570 (Revised) and the conforming and consequential amendments to other relevant ISAs. The project will primarily be focused on standard-setting actions that are intended to address targeted revisions of ISA 570 (Revised), rather than a comprehensive revision of the standard. Specifically, the project will seek to enhance or clarify: (i) the auditor’s responsibilities and work related to management’s assessment of an entity’s ability to continue as a going concern in the audit of financial statements; and (ii) transparency about the auditor’s responsibilities and work related to going concern. The Going Concern Task Force intends to discuss and bring to the Board for their input at the June 2022 IAASB meeting certain proposed actions included in the scope of the project proposal.
Review the summary, including the podcast, on the IAASB's Web site.