Mr. Thomas R. Seidenstein will become the new chair of the International Auditing and Assurance Standards Board (IAASB) for a three-year term commencing July 1, 2019. He succeeds Prof. Arnold Schilder, who has led the IAASB since 2009.

"Tom will skillfully navigate the IAASB through a period of change and transformation with his flexible and pragmatic approaches," said Ryozo Himino, Interim Nominating Committee Chair. "Being a collaborative leader and a natural consensus builder, he will continue to realize the potential of both the IAASB and its support in, and for, the global community.”

“I am honored to be selected as the IAASB’s next chair,” Mr. Seidenstein said. “Adopted and implemented worldwide, international standards on audit and assurance are a critical support to global financial market stability. I look forward to working with IAASB members, technical staff, and the leadership of other standard-setting boards to further strengthen cross-sectoral collaboration on key public interest issues and address emerging stakeholder needs. Together, we will advocate tirelessly for relevant standards that facilitate high-quality audit and assurance engagements.”

Mr. Seidenstein’s career spans both international standard setting and the private sector. He is currently senior vice president for Strategy, Innovation and Capital Management at Fannie Mae, a leading source of US housing market liquidity. He previously served as the chief operating officer at the International Financial Reporting Standards Foundation, where he led the organization’s governance review and reform process and worked closely with regulators to support global adoption of International Financial Reporting Standards. He holds a Master in Public Policy from the Harvard Kennedy School and is an undergraduate of the Woodrow Wilson School of Public and International Affairs, Princeton University.

Mr. Seidenstein’s appointment was recommended by the Interim Nominating Committee after an extensive international search. His appointment was endorsed by the IFAC Board and approved by the Public Interest Oversight Board, which oversees the IAASB.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB 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 Interim Nominating Committee
Chaired by Mr. Ryozo Himino, Vice Minister for International Affairs, Japan Financial Services Agency, the Interim Nominating Committee was formed by the Monitoring Group to conduct an open and transparent search for the next IAASB Chair. Having successfully fulfilled its mandate, the committee will now dissolve.

This update provides a review of phase one and planned timing and resources for phase two.

The IAASB's June 2012 Invitation to Comment: Improving the Auditor’s Report provided an indicative direction of the board’s future standard-setting proposals to improve how and what auditors report. Starting on page 9, the ITC featured an illustrative auditor’s report with the IAASB’s suggested improvements, and provided the board’s rationale for them. It also discussed the potential value and impediments of each of the suggested improvements.

At the heart of the suggested improvements is the need for transparency on matters specific to the audited financial statements and the audit that was performed. A proposed new section in the auditor’s report, “Auditor Commentary,” is envisaged to be the mechanism by which auditors may call attention to matters that are, in the auditor’s judgment, likely to be most important to the users’ understanding of the audited financial statements or the audit. There are also suggested improvements with respect to new statements regarding going concern and other information in documents containing the audited financial statements, the description of the responsibilities of the auditor and key features of the audit itself, and enhancement to the format of the auditor’s report.

To further inform this important initiative, the IAASB held three global roundtables in 2012. These events brought together representatives from a broad range of stakeholder groups to share perspectives on the IAASB’s suggested improvements to the auditor’s report.

• New York, USA—September 10, 2012
  • Slide presentation
  • Podcast 
  • Welcome & Overview and Auditor Commentary (124.9 MB)
  • Clarification & Transparency (69.8 MB)
  • Going Concern (124.9 MB)

• Brussels, Belgium—September 14, 2012
  • Slide Presentation
  • Podcast
  • Welcome & Overview and Auditor Commentary Part 1 (66.1 MB)
  • Auditor Commentary Part 2 (91.1 MB)
  • Going Concern (74.8 MB)
  • Clarification & Transparency (66.5 MB)

• Kuala Lumpur—October 8, 2012
  • Slide Presentation
  • Podcast
  • Welcome & Overview and Auditor Commentary (149.1 MB)
  • Auditor Commentary (continue) (75 MB)
  • Clarification & Transparency (134.1 MB)
  • Going Concern (150.2 MB)

As part of the IAASB’s technology focus, this publication provides an update on efforts to appropriately address the technology related issues in recently and soon-to-be issued standards and exposure drafts. It also includes additional relevant news and information on technology in audit, and recent technology working group activities.