In 2015, the International Auditing and Assurance Standards Board (IAASB) released new auditor reporting standards to enhance the communicative value, transparency and relevance of the auditor’s report in the public interest. Today, the IAASB published a feedback statement after a public consultation. Stakeholders expressed broad support for the standards, and the resulting auditor’s report, and indicated that the standards have met the IAASB’s objectives.

The stakeholder feedback statement summarizes key themes and views shared with the IAASB through the 2020 Auditor Reporting Post-Implementation Survey as well as a roundtable discussion held in September 2020. The survey, roundtable, and related outreach solicited perspectives on implementation and specific aspects of the revised auditor reporting standards. Three of the key areas of focus for stakeholders were key audit matters, going concern and other information in the auditor’s report. The IAASB’s Auditor Reporting Implementation Working Group is considering the feedback in developing its post-implementation review recommendations for the IAASB’s consideration in September 2021.

In 2015, the IAASB released new auditor reporting standards to enhance the communicative value, transparency and relevance of the auditor’s report in the public interest. Reflecting stakeholder input, the feedback statement makes it clear the standards, and the resulting auditor’s report, have broad support from stakeholders—and meet the IAASB’s objectives. It summarizes key themes and views shared with the IAASB through the 2020 Auditor Reporting Post-Implementation Survey as well as a roundtable discussion held in September 2020.

The IAASB in collaboration with IFAC held the final webinar in our quality management webinar series on August 18 from 11 am–12 pm GMT on Zoom with livestreaming on YouTube. The webinar addressed how firms can bring all the components of a quality management system together to align with the requirements in the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The IAASB in collaboration with IFAC held the third webinar in our quality management webinar series on August 5 from 11 am–12 pm GMT on Zoom with livestreaming on YouTube. The webinar addressed how your firm can establish or modify your monitoring and remediation processes to align with the requirements in the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The IAASB in collaboration with IFAC held the second webinar in our quality management webinar series on July 29 from 11 am–12 pm GMT on Zoom with livestreaming on YouTube. The webinar addressed how to resource to align with the requirements in the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The IAASB in collaboration with IFAC held the first webinar in our quality management webinar series on June 24 from 11 am–12 pm GMT on Zoom with livestreaming on YouTube. The webinar addressed your firm’s risk assessment process and how to align with the requirements in the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The IAASB in collaboration with IFAC invite you to join our quality management webinar series on June 24, July 29, and August 5 and 18 on Zoom with livestreaming on the IAASB’s YouTube channel. The webinars will take a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

ISQM 1 is part of the IAASB’s suite of quality management standards, issued in late 2020. The standards strengthen and modernize how firms approach quality management. They also mark an evolution from a traditional, more linear approach for quality control to an integrated quality management approach.

The webinars will be held in English and will be available on the IAASB’s YouTube Channel following the session. Participants joining live via Zoom will be able to submit questions.

• Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
  • June 24, 11 am–12 pm GMT
  • Featuring IAASB members Julie Corden and Chun Wee Chiew and IAASB Deputy Director Natalie Klonaridis
  • Register Now
• Webinar Two: Resources: Expectations for Firms and Engagement Partners
  • July 29, 11 am–12 pm GMT
  • Featuring IAASB members Josephine Jackson and Sue Almond and IAASB Deputy Director Natalie Klonaridis
  • Discussion will include the linkage between ISQM 1 and  International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
  • Register Now
• Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes
  • August 5, 11 am–12 pm GMT
  • Featuring IAASB member Chun Wee Chiew,  IAASB technical advisor Denise Weber, and IAASB Deputy Director Natalie Klonaridis
  • Register Now
• Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
  • August 18, 11 am–12 pm GMT
  • Featuring IAASB members Julie Corden and Sachiko Kai and IAASB Deputy Director Natalie Klonaridis
  • Register Now

This webinar series is part of the IAASB’s implementation support efforts. Looking for additional resources on the suite of quality management standards? Check out the IAASB’s dedicated web page: iaasb.org/quality-management

IFAC is committed to supporting our member organizations and the development, adoption, and implementation of high-quality international standards.

The IAASB in collaboration with IFAC invite you to join our quality management webinar series on June 24, July 29, and August 5 and 18 on Zoom with livestreaming on the IAASB’s YouTube channel. The webinars will take a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

ISQM 1 is part of the IAASB’s suite of quality management standards, issued in late 2020. The standards strengthen and modernize how firms approach quality management. They also mark an evolution from a traditional, more linear approach for quality control to an integrated quality management approach.

The webinars will be held in English and will be available on the IAASB’s YouTube Channel following the session. Participants joining live via Zoom will be able to submit questions.

• Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
  • June 24, 11 am–12 pm GMT
  • Featuring IAASB members Julie Corden and Chun Wee Chiew and IAASB Deputy Director Natalie Klonaridis
  • Register Now
• Webinar Two: Resources: Expectations for Firms and Engagement Partners
  • July 29, 11 am–12 pm GMT
  • Featuring IAASB members Josephine Jackson and Sue Almond and IAASB Deputy Director Natalie Klonaridis
  • Discussion will include the linkage between ISQM 1 and  International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements
  • Register Now
• Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes
  • August 5, 11 am–12 pm GMT
  • Featuring IAASB member Chun Wee Chiew,  IAASB technical advisor Denise Weber, and IAASB Deputy Director Natalie Klonaridis
  • Register Now
• Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
  • August 18, 11 am–12 pm GMT
  • Featuring IAASB members Julie Corden and Sachiko Kai and IAASB Deputy Director Natalie Klonaridis
  • Register Now

This webinar series is part of the IAASB’s implementation support efforts. Looking for additional resources on the suite of quality management standards? Check out the IAASB’s dedicated web page: iaasb.org/quality-management

On Tuesday, June 1 at 9 AM EDT, as part of the United Nations Special Session of the General Assembly Against Corruption (#UNGASS), the International Federation of Accountants (IFAC) and the International Bar Association (IBA) will be co-hosting the event Independent Professions Fighting Corruption, a live virtual roundtable discussion about how the legal and accountancy professions fight corruption and promote the rule of law.

The global legal and accountancy professions are vital allies in the fight against corruption, in every country around the world.  In this live event, distinguished leaders from both professions will discuss how their professions contribute to the fight, with a focus on ethics and independence.  While the “professional enablers” narrative has attracted significant attention recently, this event looks to highlight the important role the professions play as allies, as well as to strengthen the dialogue with key stakeholders and enhancing the professions’ contributions as committed partners. 

Panelists include:

• Srinivas Gurazada, Head of Public Expenditure and Financial Accountability (PEFA) Initiative Secretariat
• Leopoldo Pagotto, Co-Chair, IBA Anti-Corruption Committee
• Stephen Revell, Freshfields Bruckhaus Derringer and co-vice chair of the IBA Law Firm Management Committee
• Dr. Stavros Thomadakis, Chair, International Ethics Standards Board for Accountants (IESBA)
• Co-Moderator, Sara Carnegie, Director of Legal Projects, IBA
• Co-Moderator, Scott Hanson, Director of Public Policy & Regulation, IFAC

Join the webinar on Tuesday, June 1, at 9:00 AM EDT here.

The SMPAG supports the IAASB Exposure Draft to make necessary conforming and consequential amendments to address inconsistencies between the IAASB’s Other Standards and Framework with the new and revised QM standards.