New IAASB Resources Alert: Explore ISSA 5000 FAQ on Materiality As part of its intensive global outreach campaign, the IAASB is responding to requests for additional information on materiality matters to assist stakeholders with navigating the recently proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, available on: https://www.iaasb.org/focus-areas/understanding-international-standard-sustainability-assurance-5000?utm_source=Main%20List%20New&utm_campaign=4e094abda5-IAASB-alert-2nd-FAQ-ISSA-5000&utm_medium=email&utm_term=0_-4e094abda5-%5BLIST_EMAIL_ID%5D Accordingly, a comprehensive set of Frequently Asked Questions (FAQs), The Application of Materiality by the Entity and the Assurance Practitioner, has been developed, and is available on: https://www.iaasb.org/publications/proposed-issa-5000-application-materiality-entity-and-assurance-practitioner?utm_source=Main+List+New&utm_campaign=4e094abda5-IAASB-alert-2nd-FAQ-ISSA-5000&utm_medium=email&utm_term=0_-4e094abda5-%5BLIST_EMAIL_ID%5D The comment period for the proposed ISSA 5000 is open until 1 December 2023. To promote broad [...]

New Edition of the IAASB Handbook Now Available on the IAASB Website & for Print Orders The IAASB has released the 2022 edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements. Volumes 1, 2 and 3 of the handbook may be downloaded from the IAASB website, on the following link, where users may also order print copies of the three-volume handbook. https://www.iaasb.org/publications/2022-handbook-international-quality-management-auditing-review-other-assurance-and-related-services?utm_source=Main+List+New&utm_campaign=3134ae0129-IAASB-2022-handbook-10.16.23&utm_medium=email&utm_term=0_-3134ae0129-%5BLIST_EMAIL_ID%5D The handbook includes: • IAASB’s new and revised suite of quality management standards: • International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements. The vendor for the e-International [...]

IFRS Foundation News Alert The International Accounting Standards Board recently issued amendments to the IFRS for SMEs Accounting Standard. Follow the link for more information: https://www.ifrs.org/news-and-events/news/2023/09/iasb-amends-the-ifrs-for-smes-accounting-standard-itr/?utm_medium=email&utm_source=website-follows-alert&utm_campaign=immediate The amendments to the IFRS for SMEs Accounting Standard are based on the amendments to IAS 12 Income Taxes issued in May 2023, which resulted from the introduction of the Pillar Two model rules of the Organisation for Economic Co-operation and Development. This out-of-cycle amendment follows urgent calls from affected stakeholders. Companies may benefit immediately from the temporary exception in this amendment by providing the disclosures set out in the amendments for annual [...]

IESBA Staff Releases Q&As to Support Adoption and Implementation of International Independence Standard on Group Audits The staff of the International Ethics Standards Board for Accountants (IESBA) recently released a questions and answers (Q&A) publication, available on: https://www.ethicsboard.org/publications/iesba-staff-qa-engagement-team-group-audit-independence?utm_source=Main+List+New&utm_campaign=bddf704fbb-EMAIL_CAMPAIGN_2023_10_23_01_37&utm_medium=email&utm_term=0_-bddf704fbb-%5BLIST_EMAIL_ID%5D The Q&A publication deals with the pronouncement, Revisions to the Code Relating to the Definition of Engagement Team and Group Audits, available on: https://www.ethicsboard.org/publications/final-pronouncement-revisions-code-relating-definition-engagement-team-and-group-audits?utm_source=Main+List+New&utm_campaign=bddf704fbb-EMAIL_CAMPAIGN_2023_10_23_01_37&utm_medium=email&utm_term=0_-bddf704fbb-%5BLIST_EMAIL_ID%5D The Q&A publication is designed to highlight, illustrate, or explain aspects of the revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement, available on: https://ifacweb.blob.core.windows.net/publicfiles/2023-03/BASISF~1.PDF?utm_source=Main+List+New&utm_campaign=bddf704fbb-EMAIL_CAMPAIGN_2023_10_23_01_37&utm_medium=email&utm_term=0_-bddf704fbb-%5BLIST_EMAIL_ID%5D The Q&As will assist [...]

IAASB Enhances Auditor’s Report Transparency on Independence to Reflect Revisions in the IESBA Code of Ethics The International Auditing and Assurance Standards Board (IAASB) has released amendments aimed at bolstering transparency and providing auditors with a clear mechanism to action changes to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The IAASB amended International Standard on Auditing 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. The amendments are available on: https://www.iaasb.org/publications/narrow-scope-amendments-isa-700-revised-forming-opinion-and-reporting-financial-statements-and-isa?utm_source=Main+List+New&utm_campaign=e35e4538a0-IAASB+release+-+PIE+-+Oct+2023&utm_medium=email&utm_term=0_-e35e4538a0-%5BLIST_EMAIL_ID%5D The Code now requires [...]

Finalised disciplinary and investigation matters In the latest issue of IRBA News, Issue 63, six finalised disciplinary matters and 16 finalised investigation matters were reported on. In two of the disciplinary matters, reportable irregularities were not reported to the IRBA. One matter related to a failure to document audit evidence necessary to confirm that the audit of a body corporate client was conducted in terms of the ISAs, and another to a failure to perform and document adequate procedures for the audit of an attorney’s trust account. The second-last matter related to various issues pertaining to the audit evidence [...]

AI and Intelligent Automation: Opportunities for Professional Accountants Artificial intelligence (AI) and intelligent automation (IA) are creating significant opportunities for organisations and individuals, and are shaping the future of professional accountants as leaders and business partners. Digital transformation based on intelligent automation can drive business growth, and customer and employee satisfaction. To provide in-depth insights about AI and IA and consider their impact on the work of accounting and finance professionals, IFAC’s Professional Accountants in Business (PAIB) Advisory Group received a presentation from Pascal Bornet, IA pioneer and CPA, and have shared a recording and takeaways from the discussion. [...]

Now Available: IESBA Handbook 2023 Edition The International Ethics Standards Board for Accountants (IESBA) has released the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards), available on: https://www.ethicsboard.org/publications/2023-handbook-international-code-ethics-professional-accountants?utm_source=Main+List+New&utm_campaign=3a43b026d9-EMAIL_CAMPAIGN_2023_09_20_04_03&utm_medium=email&utm_term=0_-3a43b026d9-%5BLIST_EMAIL_ID%5D This handbook replaces the 2022 edition and incorporates the following revisions: The revisions relating to (a) the definition of engagement team, and (b) group audits. The upcoming expiry of the ‘jurisdictional provision’ addressing long association of personnel with an audit client, which will no longer be available for audits of financial statements for periods beginning on or after December 15, 2023. The back of [...]