The IPSASB held its first ever virtual meeting on June 4, June 23-26 and June 30, 2020. This was the second IPSASB meeting of 2020.

Highlights from the IPSASB June 2020 meeting:

00:00     Welcome and introduction: Ross Smith, IPSASB Program & Technical Director
00:39     Chair’s meeting overview: Ian Carruthers, IPSASB Chair
03:10     Conceptual Framework-Limited Scope Update and Measurement projects: Ian Carruthers, IPSASB Chair
09:25     Update IPSAS 17 and the related Heritage Assets and Infrastructure Assets projects: Ian Carruthers, IPSASB Chair
12:49     Closing remarks: Ross Smith, IPSASB Program & Technical Director

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Following the issuance by the Monitoring Group July 14 of Strengthening The International Audit And Ethics Standard-Setting System (the Paper), the International Federation of Accountants (IFAC) has announced its support for moving immediately to the transition planning phase.

The Paper, which sets forth a series of recommendations to enhance the process by which global audit, assurance and ethics standards for the accountancy profession are developed and issued in the public interest, was the result of a lengthy, multi-stakeholder consultation process.

IFAC is pleased that the Paper recognizes the important and necessary role that IFAC and the profession will continue to play in the standard setting process and that the recommendations are aligned with IFAC’s strategy. There are, however, a number of important issues still to be addressed before moving forward with implementation. While IFAC does not underestimate the challenges this presents, we remain confident that we will be able to work collaboratively with all key stakeholders involved to reach a satisfactory resolution during the transition planning phase.

Dr. In-Ki Joo, President of IFAC, said, “We have worked hard to build trust and collaborate with all of the stakeholders involved in this process. The recommendations provide us with a foundation to move forward. We look forward to working with the Monitoring Group and all other stakeholders involved in the transition planning phase to agree on an implementation plan.”

Kevin Dancey, CEO of IFAC, said, “Global audit, assurance and ethics standards are the bedrock on which our profession is built, and an important safeguard in protecting the public interest that is part of our professional mandate.  We were pleased to have worked with the Monitoring Group, the Public Interest Oversight Board and other key stakeholders over the course of the consultation period to continue to enhance a sustainable, independent and transparent standard-setting process that has the trust and confidence of all stakeholders.”

The IAASB (International Auditing and Assurance Standards Board) and the IESBA (International Ethics Standards Board for Accountants) are responsible for developing in the public interest and through independent due process the standards that govern how auditors and professional accountants deliver their services.  IFAC’s key strategic priorities include supporting IAASB and IESBA and advocating for, promoting and monitoring the adoption and implementation of their standards.

 
About IFAC
IFAC 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

As organizations confront the immediate and longer-term implications of COVID-19, The Institute of Internal Auditors (IIA) and the International Federation of Accountants (IFAC) today issued a call to action for audit committees to ensure objective oversight of organizational activities, including risk management, performance, controls, and key processes.

The IIA and IFAC have developed specific recommendations for organizations to more vigorously confront uncertainties and turmoil that may threaten their integrity, transparency, and accountability.

“We must be aggressive and future-oriented in prioritizing and managing new threats and vulnerabilities, while not being distracted from existing risks,” said IIA President and CEO Richard F. Chambers. “Governing bodies and their audit committees, in particular, must be highly vigilant, nimble, and well engaged to ensure they as well as management and others are receiving objective assurance and insight on critical aspects of organizational activity.”

Adds IFAC CEO Kevin Dancey, “The impacts of COVID-19 on the global economy will be felt for years, if not decades. This creates long-term risks and uncertainties that organizations need to confront head-on through strong governance and internal controls. We hope these recommendations will support governing bodies and audit committees as they navigate the continuously evolving operating environment of today and tomorrow.”

The IIA and IFAC call on governing bodies and their audit committees to:

1. Stay informed: Maintain a timely and clear understanding of the continuously-evolving operating environment and how it may impact organizational objectives and performance.
2. Communicate and collaborate: Adopt a multi-disciplinary approach to exercising oversight of internal and external audit and reporting through dynamic communication and collaboration.
3. Leverage available expertise: Seek qualified and reliable assurance and advice on management evaluations of, and responses to, the organization’s continuously evolving risks and risk profile. 
4. Promote continuous improvement: Encourage innovation and change to address vulnerabilities and to build resilience, strengthening the pursuit of value creation.
5. Think holistically: Adopt a broad perspective of the organization and its environment across both financial and nonfinancial goals, considering interconnectivity with other organizations, internal and external interdependencies, and the central importance of people.
6. Embrace technology: Optimize the performance of the audit committee through the use of technology and flexible working practices.

The full statement is available on IFAC’s website.

About The IIA
The Institute of Internal Auditors (IIA) is the internal audit profession’s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 200,000 members from more than 190 countries and territories. The IIA’s global headquarters are in Lake Mary, Fla., with offices in Washington, D.C. For more information, visit www.theiia.org or www.globaliia.org.

About IFAC
The International Federation of Accountants (IFAC) 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.