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IAASB technical director update on COVID-19 response

  • IAASB - Assurance Image

Apr 17, 2020

On April 17, 2020, the International Auditing and Assurance Standards Board (IAASB) published its Strategy for 2020‒2023 (the Strategy) and Work Plan for 2020‒2021 (the Work Plan). They have also signaled their sensitivity to the current circumstances created by the COVID-19 outbreak. The purpose of this note is to update stakeholders on the progress of support material under development and the evolution of our thinking on our Work Plan.

Staff Alerts under Development

A core element of their COVID-19 response is to develop Staff Alerts on several targeted topics to support the application of our standards under current circumstances. Their goal is to support the public interest and the role auditors must play in sustaining trust in financial and other external reporting.

In addition to the IAASB Staff AlertHighlighting Areas of Focus in an Evolving Audit Environment Due to the Impact of COVID-19, they are drafting Staff Alerts on the following topics:

  • Auditor Reporting
  • Going Concern
  • Subsequent Events
  • Auditing Accounting Estimates
  • Public Sector Audit Considerations

The Staff Alerts on Auditor Reporting and Going Concern will be issued next and are expected to be available within the next two weeks.

Review the press release on the IAASB's website.

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