Yasmine is a Technical Advisor in the IFAC SMP AG. She is also currently a Director – Governance at the AICPA. Yasmine oversees women’s initiatives programs, firm services and international projects within AICPA. Prior to joining the AICPA, Yasmine worked for CPA firms of various sizes in the US and Canada: a big four, a national firm and a local firm. 

Ms. van Onselen is an experienced, strategic executive with an extensive background across the financial services as a litigation lawyer and with various listed, government and not-for-profit organizations including membership bodies.

Prior to joining Chartered Accountants Australia and New Zealand, Ms. van Onselen held a number of senior roles over six years at Westpac Group, including Managing Director of RAMS, Chief of Staff to the CEO and General Manager of Deposits & Unsecured Lending. She was also the Global Director of Women’s Markets and Inclusion & Diversity.

Ms. van Onselen has more than 20 years’ experience as a non-executive director. She is currently a non-executive director at financial services company Automic and the commissioner of Legal Aid NSW.

Ms. van Onselen commenced her career practicing as a lawyer and ultimately became a partner in a specialist corporate and commercial practice in Western Australia. She holds a Bachelor of Laws and Master’s of Applied Finance, and completed the Company Directors Course at the Australian Institute of Company Directors.

This week the IAASB hosted two different webinars on consultations that are currently open for public comment. The recordings of these webinars can be found on the IAASB’s website as listed below.

The first webinar was hosted on June 10, 2020 and covered the current Public Consultation on Proposed Guidance: Extended External Reporting (EER) Assurance. The recording and presentation slides of this session can be found here.

The second webinar was hosted on June 11, 2020 and covered the recently released Exposure Draft of Proposed ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors). The recording and presentation slides of this session can be found here.

The ISA 600 Task Force will host a second webinar on August 13, 2020 8:00 am – 9:30am EDT, where time will be spent answering questions in regard to the Proposed ISA 600 (Revised). You can submit any questions you may have to jaspervandenhout@iaasb.org till July 24, 2020.

To continue the dialogue on corporate reporting and value creation, IFAC has posted a summary of its feedback on the recent World Economic Forum (WEF) consultation “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation.”

It is well acknowledged by investors, business leaders, and other stakeholders that, in addition to financials, effective corporate reporting must also measure value creation, sustainability and environmental, social, and governance factors. Such enhanced corporate reporting is needed to maintain confidence in companies and financial markets, to better meet stakeholder needs, and to inform business planning for long-term success.

The WEF consultation makes a valuable contribution in the dialogue amongst all stakeholders who share a common interest in relevant, reliable, and comparable reporting of this information.

In its consultation response, IFAC focuses on six takeaways to keep the global conversation moving forward:

• Rationalization efforts must work toward a global system. IFAC strongly supports a global approach to ESG metrics and disclosures.
• Timeliness is key. Alignment, harmonization, and convergence must take place before regional or jurisdiction-specific initiatives become standard practice.
• Take a modular approach. Build upon existing high-quality metrics and disclosures.
• There is a role for both standards and frameworks. For example, the Integrated Reporting Framework.
• Assurance is needed to deliver confidence in corporate reporting.  Assurance is most effective when applied against metrics and disclosures that follow clear best practices or standards.  
• The accounting profession must remain engaged in the conversation. The profession is critical to evidence-based decision making, reliable information gathering, and consistent, comparable corporate reporting—be it ESG-focused or otherwise. 

IFAC stands ready, as a global voice and convener of the accountancy profession, to facilitate coordination, assimilation, and convergence in sustainable reporting approaches. IFAC supports the WEF consultation as a catalyst to challenge policy makers, regulators, and ESG metric providers to get the job done, now. 

Ongoing and active engagement by the profession—through this initiative and by assisting companies in the implementation of its metrics and disclosures—is an enormous opportunity for the profession to embrace.

DOWNLOAD THE ILLUSTRATIVE EXAMPLES HERE

The IAASB's International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates. The examples are designed to illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding how ISA 540 (Revised) may be applied to:

•  Simple Accounting Estimate – Provision on Inventory Impairment
• Complex Accounting Estimate – Provision on Property, Plant and Equipment Impairment

The examples illustrate accounting estimates with varying characteristics and degrees of complexity. Each example illustrates a selection of requirements from ISA 540 (Revised). Not all requirements are addressed in each example, nor do they cover all parts of those requirements that have been selected. The requirements selected across each example vary to illustrate different aspects of ISA 540 (Revised) and to focus on those requirements that are most relevant to the example.

These examples are intended to be read together with ISA 540 (Revised). This will demonstrate how an auditor’s work effort, to comply with the requirements of ISA 540 (Revised), may be scaled down and scaled up when auditing simple and complex accounting estimates.

Click here for for more information and to view the illustrative examples. 

These examples do not constitute an authoritative pronouncement of the International Auditing and Assurance Standards Board (IAASB), nor do they amend, extend or override the ISAs or other of the IAASB’s International Standards. It is not meant to be exhaustive and reading these examples is not a substitute for reading the ISAs.

Additional illustrative examples are being developed to illustrate how an auditor may address the requirements of ISA 540 (Revised) in the context of more complex accounting estimates such as those relating to expected credit losses, and will be released in due course.