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2022-2023 IAASB Work Plan Approved Pending PIOB Approval

Jan 11, 2022

On January 11, 2022, the International Auditing and Assurance Standards Board (IAASB) approved a new work plan, "A Public Interest Focus in Uncertain Times", during its December 2021 meeting. Pending approval by the Public Interest Oversight Board (PIOB), anticipated in early April 2022, the work plan will guide the IAASB’s work in 2022 and 2023, reflecting the IAASB Strategy for 2020-2023.

Sustainability and environmental, social, and governance (ESG) assurance are a prominent addition to the new work plan and will see increased time and resourcing for 2022–2023. In addition, the new work plan highlights candidate topics in the Audit and Review space (e.g., responding to assessed risks of material misstatement and the impact of technology on various standards) that the IAASB will consider for a further project to commence in 2023. A key focus will remain the progression and completion of projects underway at the start of 2022, including audits of financial statements of less complex entities, audit evidence, going concern, and fraud.

Review the press release and new work plan on the IAASB's website.

AASB issues FAQs on Extended External Reporting (EER)

Jan 07, 2022

On January 7, 2022, the Auditing and Assurance Standards Board (AASB) issued FAQs regarding assurance in respect of sustainability and environmental, social and governance. Check out these FAQs for all the information you need.

Re­view the FAQs on the AASB's web­site.

CAQ Issues Publication on Audit Committee Practices

Jan 26, 2022

In January 2022, the Center for Audit Quality (CAQ) and Deloitte’s Center for Board Effectiveness released a publication "Audit Committee Practices Report: Common Threads Across Audit Committees".

The publication provides insight into important current issues for audit committees and leading practices for executing their responsibilities effectively.

Review the publication on the CAQ's website.

IAASB Releases Conforming and Consequential Amendments Aligning Existing IAASB Standards to New, Revised Quality Management Standards

Jan 19, 2022

On January 19, 2022, the International Auditing and Assurance Standards Board (IAASB) released further conforming and consequential amendments to the IAASB’s standards resulting from the new and revised quality management standards, which were released in December 2020.

The conforming amendments remove actual or perceived inconsistencies between the IAASB’s suite of standards and the quality management standards. This allows the IAASB’s full suite of standards operate in conjunction with each other and without confusion, which is especially crucial given the importance of firm-level quality management to the consistent performance of quality engagements.

The standards covered do not include the International Standards on Auditing (ISAs). Conforming and consequential amendments to the ISAs were finalized and released in December 2020 alongside the quality management standards.

The conforming amendments to the IAASB’s International Standards become effective as of December 15, 2022.

Review the press release and amendments on the IAASB's website.

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