Chanwoo Lee is a Visiting Professor at the Seoul National University and Senior Research Fellow at the Korea Development Institute, a government think-tank. Mr. Lee served for over 30 years in the Korean government, primarily in the Ministry of Economy and Finance, most recently as the Deputy Minister. He holds an MBA from Yale University, and M.A. in Public Administration and B.A. in Political Science from the Seoul National University.

The International Auditing and Assurance Standard Board (IAASB) invites interested stakeholders to complete an online survey sharing their experience with, and providing feedback relating to, the Auditor Reporting Standards that were issued in 2015. The Survey also asks for input on your experiences with ISA 720 (Revised), The Auditor’s Responsibilities relating to Other Information.

The Auditor Reporting Standards are aimed at enhancing the communicative value and relevance of the auditor’s report. The standards are effective for audits of financial statements for periods ending on or after December 15, 2016.

Stakeholders’ feedback will be an important source of input for the IAASB in carrying out the information gathering activities related to the Auditor Reporting Post-Implementation Review (PIR), which will assist the Board to determine what possible further actions, if any, may need to be undertaken.

“The auditor’s report is the key deliverable addressing the output of the audit process,” said Tom Seidenstein, chair of the IAASB. “Investors and other users of financial statements have called for auditors to provide more relevant information in the auditor’s report based on the audit that was performed. The 2015 revision of the Auditor Reporting Standards was an important step aimed at improving the value of the financial statement audit and the continued relevance of the auditing profession. The IAASB is now seeking comment on whether the revised standards are achieving this goal.”

All interested stakeholders are invited to participate in this global request for input to the PIR, including investors and other users of financial statements, auditors and audit firms, preparers of financial statements, those charged with governance, national standard setters, professional accountancy organizations, and regulators and audit oversight bodies. Stakeholders also are encouraged to share the online survey with their respective networks in their jurisdictions that engage with auditors or use auditor reports.

The link below will direct you to the IAASB webpage for further information on the Auditor Reporting PIR, including the online Survey.

Auditor Reporting Posti-Implementation Review

Stakeholders are invited to complete the Survey until October 23, 2020.

Today, IFAC and the Zurich University of Applied Science (ZHAW), in partnership with IPSASB, have published a tool for governments and other interested stakeholders to apply best practices in public sector accounting when analyzing COVID-19-related intervention programs.

The COVID-19 pandemic led governments to deploy significant interventions to support individuals, businesses, the monetary system, and specific sectors, including healthcare. In view of the unprecedented scale of these interventions there is an urgent need to understand their full current and ongoing impacts on public finances.

The COVID-19 Intervention Assessment Tool includes:

• A step-by-step process and assessment tool to help assess, evaluate and inform various types of government interventions related to the pandemic; and
• An overview of the way it can support the pathway to accrual IPSAS for governments.

“We are seeing another example of where public sector finances are under great stress a result of a major economic shock – but the current pandemic stands out because of its magnitude and global impact. This increases the pressure on countries to improve their accounting infrastructure to support the tough decisions that will undoubtedly be needed,” said Ian Carruthers, IPSASB Chair. “High-quality financial information enhances government decision-making and supports better outcomes for citizens over the medium and longer-term.”

“Governments with accrual accounting information are better positioned to understand the true picture of their public finances,” said Ross Smith, IPSASB Program and Technical Director. “Understanding the pandemic’s impact on government finances is especially important when considering the need and ability to provide for additional interventions moving forward.”

The supplementary report “Impact Assessment and the Pathway to Accrual” provides high-level insights on the IPSAS adoption and implementation process, and the ways in which the Assessment Tool can support this, while emphasizing the importance that IPSAS adoption occurs within the context of broader public financial management reforms.  

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.