Dear Stakeholders:

On behalf of the IAASB, we are pleased to share our public report, Foundation for the Future, summarizing the Board’s achievements from January 1, 2016 to June 30, 2019.

This period, chaired by Professor Arnold Schilder, was one of great productivity for our Board and staff. Five new and revised standards were approved. Six exposure drafts were issued and we consulted with stakeholders on five key areas. The IAASB also published nine project proposals, project updates and feedback statements. To help our stakeholders better understand and implement our standards, the IAASB developed 31 implementation and support resources.

In line with the 2015-2019 strategy, the IAASB’s activities have focused on enhancing audit quality and addressing engagements other than audits of financial statements. The IAASB has also increasingly focused on what more can be done to better understand and address the challenges some users face in applying the International Standards on Auditing in audits of less complex entities.

In addition, the IAASB has remained true to our commitment to a rigorous program of international outreach (IAASB members and staff engaging with stakeholders by way of personal visits and meetings, participation in conferences, discussion groups and forums, as well as webinars and other methods of communication to inform and engage on technical topics). From 2016 to 2019, almost 400 outreach activities across 44 countries were conducted with key stakeholder groups. By working with our stakeholders and strengthening our relationships, we are better able to understand issues affecting our standards and promote their adoption and implementation.

As we enter a new phase for the IAASB, we are proud of the broad reach of our standards and recognize the significant responsibilities that come with this. During the period covered by this report, the number of jurisdictions worldwide that use or are committed to using the International Standards on Auditing increased from 111 to 130.

We are now completing the development of a new strategy and work plan in the knowledge that there is a strong foundation in place. At the same time, we accept the need to identify and respond to emerging challenges to ensure that we continue to deliver international standards that are relevant, robust and operable.

 
Yours sincerely,


Tom Seidenstein                                               Willie Botha
Chair (Effective July 2019)                                 Technical Director

Organizations use integrated reporting to communicate a clear, concise, integrated story explaining how all of their resources create value. Integrated reporting helps organizations think holistically about their strategy and plans, make informed decisions, and manage key risks to build investor and stakeholder confidence and improve future outcomes. It is shaped by a diverse coalition, including business leaders and investors, to drive a global evolution in corporate reporting.

The IAASB’s public report summarizing the board’s achievements from January 1, 2016 to June 30, 2019, has been released. This period, chaired by Professor Arnold Schilder, was one of great productivity for the board.

In addition to issuing International Education Standards, the IAESB also developes implementation support materials, including videos, webcasts and presentations, and guidance documents. These resources support accounting education and are for use by academics, training providers, professional accounting organization, and employers.

The IAESB Personal Perspectives Series shares insights from board members, technical advisors and other key stakeholders on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development.

The IAESB Personal Perspectives Series shares insights from board members, technical advisors and other key stakeholders on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development.

This Perspective, A Growing Demand for Public Sector Accounting Education, is from Rania Mardini, IAESB Member.