Principal, IESBA
Szilvia Sramko joined the technical team of the International Ethics Standards Board for Accountants (IESBA) in February 2018. She currently leads Work Stream 1 – Independence Standards for Sustainability Assurance of the Sustainability Task Force. Previously, she provided technical support to other IESBA’s workstreams, such as the Engagement Team/ Group Audits, Fees and Non-Assurance Services projects, and the Benchmarking initiative.
Prior to joining the IESBA, Ms. Sramko was Deputy Head of Department at the Auditors’ Public Oversight Authority in Hungary (Budapest). Before that, she served in several roles at the Ministry for National Economy in Hungary and participated in preparing legislative proposals to transpose the amendments to the European Union’s Accounting and Audit Directives into the national law.
Ms. Sramko holds a Doctor of Law degree from Eotvos Lorand University (Budapest, Hungary) along with a Master 1 degree in comparative law from Université Paris II Pathéon-Assas and Eotvos Lorand University (Paris, France / Budapest, Hungary).
The International Auditing and Assurance Standards Board (IAASB) today released the exposure draft of proposed International Standard on Auditing (ISA) 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)s.
Proposed ISA 600 (Revised) deals with special considerations for audits of group financial statements (group audits). Group audits are often more complex and challenging than single-entity audits because a group may have many entities or business units across multiple jurisdictions, and component auditors may be involved.
“This proposed standard is critically important as many of today’s audits are group audits, including audits of the largest and most complex organizations around the world,” said Tom Seidenstein, IAASB Chair. “The proposed revised standard addresses quality risk issues identified by audit regulators and benefits from the input of a wide range of stakeholders.”
The proposed standard introduces an enhanced risk-based approach to planning and performing a group audit. This approach appropriately focuses the group engagement team’s attention and work effort on identifying and assessing the risks of material misstatement of the group financial statements, and designing and performing further audit procedures to respond to those assessed risks. The proposed standard recognizes that component auditors can be, and often are, involved in all phases of a group audit. In these circumstances, the proposed standard highlights the importance of the group engagement team’s involvement in the component auditor’s work.
In addition, the proposed standard:
In consideration of COVID-19’s impact, the IAASB is departing from the Board’s normal 120-day comment period for public consultations. Therefore, the exposure draft of proposed ISA 600 (Revised) is open for public comment until October 2, 2020.
The IAASB invites all stakeholders to comment on the Exposure Draft via the IAASB’s website.
To ensure that International Standards on Auditing (ISAs) continue to provide a foundation for high-quality global audits, the IAASB Exposure Draft, ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors), proposes more robust requirements and enhanced guidance that:
Former Director, IESBA
Diane Jules is a former director of the International Ethics Standards Board for Accountants (IESBA). Since assuming the role in 2016, Ms. Jules worked to advance IESBA's strategic goals and priorities. She was integral to developing ethics and independence standards for global application and works closely with the chair and the IESBA to promote awareness, use and adoption of the International Code of Ethics for Professional Accountants (including International Independence Standards). Ms. Jules’ responsibilities included building and strengthening IESBA’s relationships with its stakeholders which include investors, regulators, academics, firms and national standards setters. She oversaw IESBA’s operational activities, specifically in relation to its communication initiatives.
Ms. Jules was the key staff on the IESBA’s Non-Assurance Service Task Force and currently oversees the Board’s workstreams on technology and sustainability. Following the successful development and June 2019 launch of the IESBA eCode — a digital platform for accessing and navigating the IESBA Code. Prior to joining the IESBA, Ms. Jules was a Senior Technical Manager at the International Auditing and Assurance Standards Board, and before that an Assistant Chief Auditor at the U.S. Public Company Accounting Oversight Board (PCAOB). Prior to her career in standard-setting, Ms. Jules held various audit and professional practice positions, including as an Assurance Manager at Grant Thornton, LLP.
Ms. Jules was among the 77 women listed as Crain’s New York Business 2019 Notable Women in Accounting and Consulting. She is an active member of the New York State Society of CPAs and the American Institute of CPAs. Ms. Jules has been featured in industry publications, including the Strategic Finance Magazine and the Journal of Accountancy. She conducts editorial reviews on technical submissions to the Advances in Accounting Education: Teaching and Curriculum Innovations Series and the CPA Journal. She holds a Bachelor of Science degree in Accounting and Finance from the University of Maryland College Park and is a licensed certified public accountant (CPA). She is also a chartered global management accountant (CGMA).
The International Public Sector Accounting Standards Board (IPSASB) today announced that it is extending the comment period for Exposure Drafts (EDs) 70-72 to November 1, 2020. The extension responds to the additional challenges facing stakeholders as a result of the COVID-19 pandemic, and will provide them with additional time to undertake outreach and prepare their responses.
These three EDs, released in February this year, pioneer new approaches for some of the most prevalent public sector transactions, including government transfers and grants for the delivery of key government services to citizens.
Stakeholders can learn more about the Exposure Drafts, and submit their comments, by visiting the below links:
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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.
