The conforming amendments aim to align the IAASB’s International Standards with the revisions to the IESBA Code, thus ensuring that they can continue to be applied together with the IESBA Code.
“The IAASB and IESBA have prioritized their cooperation and coordination because many jurisdictions use both the IAASB’s International Standards and the IESBA Code. The completion and publication of these conforming amendments fulfills the public interest to ensure that the two sets of standards work in concert,” said Tom Seidenstein, Chair of the IAASB. “These conforming amendments will give jurisdictions yet another reason to adopt and implement both tools to strengthen public confidence in the global auditing and assurance profession.”
The conforming amendments fall under the umbrella of IAASB-IESBA coordination, a strategic commitment of the two Boards to better align for enhanced connectivity and to better serve the public interest.
“I commend the IAASB for completing this necessary project in a timely manner,” said Dr. Stavros Thomadakis, Chairperson of IESBA, adding “Our two boards are committed to seeking alignment in our standards and coordination of our standard-setting activities on issues of common concern to help serve the public interest.”
The conforming amendments to the IAASB’s International Standards become effective as of July 15, 2020.
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.
The Conforming Amendments to the IAASB’s International Standards as a Result of the Revised IESBA Code, propose limited amendments to the IAASB’s International Standards in response to the revised International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). The Conforming Amendments are intended to ensure that the IAASB International Standards can continue to be applied together with the IESBA Code.
On a recent outreach trip to Australia and New Zealand, IAASB Chair, Tom Seidenstein and IAASB Deputy Chair, Fiona Campbell sat down with Amir Ghandar from CA ANZ to discuss the future of standard setting, embracing agile-standard setting and the board’s focus on keeping trust in its audit product. This is the first in a series of four interview videos conducted by CA ANZ.
Courtesy of Chartered Accountants Australia and New Zealand
