The International Auditing and Assurance Standards Board (IAASB) is launching an online questionnaire to inform the development of its strategic direction and related work program for 2012-2014. The initiative is part of the IAASB's broader mandate to consult with key stakeholders to determine which issues should be addressed by the board.The International Auditing and Assurance Standards Board (IAASB) is launching an online questionnaire to inform the development of its strategic direction and related work program for 2012-2014. The initiative is part of the IAASB's broader mandate to consult with key stakeholders to determine which issues should be addressed by the board.

"Input from the public is an important part of the IAASB's due process," said Arnold Schilder, IAASB Chair. "It is essential that the IAASB reach out to the broadest group possible to solicit and incorporate outside views. This helps the board determine its future strategic direction and-at the same time-ensures that the board addresses the most relevant issues relating to auditing and financial reporting."

The questionnaire is the first stage of the IAASB's 18-month consultation process.  Through the survey, the IAASB seeks feedback on the challenges facing the accountancy profession, the IAASB's current strategic focus on the development, adoption, and implementation of standards, the needs of small and medium practices, and current and future projects, among other topics.

The results of the questionnaire will be used to develop a formal Consultation Paper, to be issued in December 2010, outlining the IAASB's strategic focus and the potential projects that might best support this focus.

The IAASB encourages all those with an interest in IAASB-developed international pronouncements to submit responses, which are requested by May 14, 2010.

About the IAASB
The IAASB (www.iaasb.org) 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 IFAC.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has released the 2010 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, and the 2010 Handbook of the Code of Ethics for Professional Accountants.The International Federation of Accountants (IFAC) has released the 2010 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, and the 2010 Handbook of the Code of Ethics for Professional Accountants.

The Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements includes the International Auditing and Assurance Standards Board's (IAASB) complete set of clarified International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1 now in effect. It also includes the IAASB's standards on review, other assurance, and related services, a glossary, and a preface to the international standards.

The Handbook of the Code of Ethics for Professional Accountants contains the Code of Ethics for Professional Accountants (the Code), which has been revised by the International Ethics Standards Board for Accountants (IESBA) for improved clarity and strengthened independence requirements. The revised Code becomes effective on January 1, 2011, with early adoption permitted.

How to Order
The handbooks can be downloaded free of charge in PDF format or purchased in print from IFAC's Publications and Resources site: web.ifac.org/publications. Print copies of the handbooks are available as a three-piece boxed set for US$185.00 plus shipping. Discounts are available for students, academics, and individuals living in developing countries, as well as for orders of 10 or more copies. Orders can also be placed by calling IFAC at +1 (212) 471-8722.

About the IAASB and IESBA
The IAASB (www.iaasb.org) 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 IESBA (www.ifac.org/IESBA) develops ethical 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 IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the Code.

The structures and processes that support the operations of the IAASB and IESBA are facilitated by IFAC.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has released the 2010 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, and the 2010 Handbook of the Code of Ethics for Professional Accountants.

The Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements includes the International Auditing and Assurance Standards Board's (IAASB) complete set of clarified International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1 now in effect. It also includes the IAASB's standards on review, other assurance, and related services, a glossary, and a preface to the international standards.

The Handbook of the Code of Ethics for Professional Accountants contains the Code of Ethics for Professional Accountants (the Code), which has been revised by the International Ethics Standards Board for Accountants (IESBA) for improved clarity and strengthened independence requirements. The revised Code becomes effective on January 1, 2011, with early adoption permitted.

How to Order
The handbooks can be downloaded free of charge in PDF format or purchased in print from IFAC's Publications and Resources site: web.ifac.org/publications. Print copies of the handbooks are available as a three-piece boxed set for US$185.00 plus shipping. Discounts are available for students, academics, and individuals living in developing countries, as well as for orders of 10 or more copies. Orders can also be placed by calling IFAC at +1 (212) 471-8722.

About the IAASB and IESBA
The IAASB (www.iaasb.org) 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 IESBA (www.ifac.org/IESBA) develops ethical 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 IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the Code.

The structures and processes that support the operations of the IAASB and IESBA are facilitated by IFAC.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Ethics Standards Board for Accountants (IESBA) has released for comment an exposure draft (ED) setting out its proposed strategy and work plan for the next three years. The proposed strategy and work plan focuses on the board's new projects and activities, which were selected based on the results of an IESBA-commissioned survey of interested parties.

The work plan for 2010-2012 includes the IESBA's intention to complete two high-priority projects from its previous work plan:

• Conflicts of Interest. The IESBA will expand existing guidance for professional accountants, whatever their role, who face conflicts of interest. This will include the types of situations that give rise to conflicts, the mechanisms that can serve as safeguards in a conflict situation, and ways to manage conflicts; and
• Responding to Suspected Fraud or Illegal Acts. The IESBA will provide guidance for all professional accountants on how to respond when encountering a suspected fraud or illegal act. This will include the threshold for taking action, the types of actions that may be taken, the process for responding, and the timing of any disclosure.

The IESBA also plans to begin a project that addresses the application of the "related entity" definition in the IESBA's Code of Ethics for Professional Accountants (the Code) to audits of collective investment vehicles.

In addition to its standard-setting activities, the IESBA plans to continue to assess what additional material or activities would be useful to support those who are adopting and implementing the Code. To further its objective of facilitating convergence of international and national ethical standards-including independence requirements-the IESBA will liaise closely with national standard setters and regulators to identify and understand their perspectives on convergence and to seek their views on how the Code can be a catalyst to achieve greater convergence.

"We listened carefully to our stakeholders as we developed the draft strategic plan," states Ken Dakdduk, IESBA Chair. "Our focus for the next three years, therefore, will be to build on the strong base established by the Code, which we revised in July 2009, and to significantly increase our efforts to promote and assist with its implementation and adoption."

How to Comment
To access the exposure draft or submit a comment, please visit www.ifac.org/Guidance/EXD-Outstanding.php. Comments on the exposure draft are requested by June 15, 2010.

About the IESBA and IFAC
The IESBA (www.ifac.org/ethics) develops ethical standards and guidance for use by professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.

IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce.

The International Auditing and Assurance Standards Board (IAASB) looks forward to findings from four new auditing research projects announced today by the Association of Chartered Certified Accountants (ACCA) and the International Association for Accounting Education and Research (IAAER). ACCA, which is funding the project, the IAASB, and the IAAER are committed to supporting this initiative as it will help to inform debate within the profession on a range of important subjects relating to auditing and assurance, and thereby contribute to public confidence in financial reporting.

Through conducting this research, ACCA and the IAAER seek to contribute to the development of the assurance profession around the world and the quality of the standards underpinning the services they provide. The research is expected to provide insights into matters of relevance to the IAASB.

Research topics have been selected in the following four areas: 

• International consistency and convergence in the application of auditing standards;
• The implications of eXtensible Business Reporting Language (XBRL) for audits of, or other assurance services on, financial statements;
• The use of risk-based audit methodology by small- and medium-sized practices; and
• The nature of professional judgment in auditing.

"We welcome this research, as we expect it to make a contribution to the implementation and application of international standards and our future standard-setting decisions," said IAASB Chair Arnold Schilder. "This initiative aligns with the IAASB's ongoing agenda for innovation within the field of auditing and assurance and our efforts to further our understanding of international developments, including the needs of those using our standards."

The research, which will be conducted by international teams from Australia, Germany, the Netherlands, the U.K., and U.S., will be presented in stages. Research designs will be presented at the International Symposium on Audit Research this summer. Interim research findings will be presented in the spring of 2011, and final results will be available in October 2011.

Further information on the research projects can be found on the websites for ACCA (www.accaglobal.com) and the IAAER (www.iaaer.org).

About the IAASB and IFAC
The IAASB (www.ifac.org/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.

IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) has launched a newly redesigned and expanded Publications and Resources website, featuring over 200 titles developed by IFAC and its standard-setting boards and committees. This new site improves the user experience through enhanced navigation and features, including links to recommended publications based on user's selection.

The website includes the following broad range of pronouncements and resources:

• IFAC policy position papers and special reports;
• International standards on auditing and assurance, accounting education, ethics, and public sector financial reporting developed by IFAC's independent standard-setting boards;
• Good practice guides on corporate governance, sustainability, and other topics of interest to professional accountants in business; and
• Videos, presentation slides, guides to assist small and medium accounting practices, and other tools and resources to facilitate the adoption and implementation of international standards.

Visitors will experience enhanced functionality and interactivity with the addition of a search engine to facilitate user search and retrieval of specific resources of interest. Located on the homepage, a listing of the most recent and most popular publications, along with links to recommended publications, helps professional accountants find publications that are relevant to the work they do.

Explore all the new features and download IFAC publications and resources for free.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

Global accountancy leaders support the International Federation of Accountants' (IFAC) recommendations to intensify its efforts to strengthen small- and medium-sized enterprises (SMEs) and accounting practices (SMPs), IFAC announced today.

IFAC recently convened the chief executives of more than 40 accountancy organizations to discuss how to further alleviate the challenges arising from the recent global financial crisis--also identified in IFAC's 2009 Global Leadership Survey.

"Small- and medium-sized businesses around the world, and the accounting practices that serve them, are struggling to recover from the global financial crisis," said IFAC President Robert Bunting. "IFAC and its member organizations must continue to take the lead in addressing the challenges facing SMEs and SMPs, including the need to avoid over-regulation."

The following areas were at the top of the list for the chief executives who attended IFAC's annual meeting:   

• Expand monitoring of global regulatory reform to ensure its suitability for SMEs and SMPs
• Increase the visibility and voice of SMEs and SMPs
• Collaborate with IFAC members to develop guides and resources to provide practical assistance to SMPs

The chief executives also agreed that IFAC should consider how to increase the participation of SMEs and SMPs in its standard-setting activities.

The chief executives backed IFAC's proposal to increase emphasis on sustainability reporting and corporate governance-related matters in its priorities for future action.

IFAC will take a stronger role in urging businesses to integrate sustainability throughout the whole of an organization's decision-making processes. The chief executives supported IFAC's co-operative work with the Prince of Wales' Accounting for Sustainability Project and its development of an international connected reporting committee to advance decision making and reporting on sustainability.

The chief executives agreed corporate governance was essential to effective financial reform and that IFAC should press for the implementation of good corporate governance principles, both in the private and public sectors. The accountancy profession's support for national financial frameworks that embrace corporate governance will be discussed at a joint conference hosted by IFAC and the United Nations Conference on Trade and Development in April in Geneva.

Other topics discussed in the chief executives' meeting included the issues facing the profession in developing and emerging economies and actions to reinforce the invaluable role of professional accountants in business.

The input received from the chief executives will be considered by the IFAC Board as it develops its strategic plan for 2011-2014.

About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants (IFAC) is encouraged that the US Securities and Exchange Commission (SEC) today confirmed its intent to support adoption of global accounting standards for US companies and reduce uncertainty about the future use of International Financial Reporting Standards (IFRSs). We are disappointed that it is not seeking an adoption date closer to the ambitions of the G-20--by June 2011--and urge the SEC to allow for early adoption of IFRSs for severely affected multinational companies.

It is vital that all governments adopt and implement common global standards, not only for accounting, but also for auditing and for auditor independence. These standards are crucial, as having consistent financial information around the world strengthens capital markets, enhances cross-border activity, and reduces risks and uncertainties in the capital markets. Continuing on the path of convergence is a helpful interim step, but a commitment to adoption is necessary for the world to truly have access to a single set of global standards.

Robert L. Bunting, President