“The extraordinary participation in our consultation and the thoughtful comments we received demonstrate the importance of, and interest in, this initiative, said Tom Seidenstein, Chair of the IAASB. “We are pleased with the high level of engagement we received on this topic globally, and look forward to further engagement as the IAASB progresses its work in this area.”
The Discussion Paper, and related outreach activities, solicited perspectives of different stakeholder groups on the issues and challenges surrounding the audits of LCEs. Further information gathering activities will continue until June 2020, when the Board will decide the way forward.
“We have developed this feedback statement to acknowledge the important and constructive input received to date, but also to keep our stakeholders informed about where we are in this important initiative, said Roger Simnett, LCE Working Group Chair. “The IAASB believes that sharing what we have heard will be useful in stimulating further thinking and exploration of this very important topic towards developing recommendations.”
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 Public Interest Committee, the body that oversees the standard setting activities of the International Public Sector Accounting Standards Board (IPSASB), today launches a public Survey on IPSASB governance arrangements which were implemented in accordance with the 2015 Recommendations of the IPSASB Governance Review Group. All interested stakeholders are encouraged to participate in this global consultation.
Established in 2015, the Public Interest Committee reviews the standard-setting activities of the IPSASB to ensure appropriate due process and that the Board’s activities reflect the public interest. Since its formation, the Committee has actively provided advice and recommendations concerning the development of the IPSASB strategy and work program, the appointment process for members of the IPSASB, and IPSASB standard-setting due process.
Stakeholder feedback through the survey will be an important source of input for the Public Interest Committee in carrying out the review of the current oversight arrangements of the IPSASB.
