The detailed quarterly forward work plan sets out the expected progression of the IAASB’s projects for the IAASB’s proposed Work Plan for 2022‒2023 to be approved at the IAASB’s December 2021 meeting, and is subject to approval by the Public Interest Oversight Board (PIOB) in the first quarter of 2022. If necessary, an updated version of the work plan table will be published on the IAASB website, subsequent to these meetings.

IFAC's new building blocks approach to reporting sustainability information enhances the previously issued roadmap, The Way Forward. With this new step, IFAC hopes to foster discussion on how this approach can deliver a global system for consistent, comparable, and assurable sustainability-related information that best meets the needs of investors and other stakeholders.

The International Auditing and Assurance Standards Board (IAASB) today published its new Framework for Activities. The Framework describes the IAASB’s operating processes and procedures for advancing standard setting and other related activities.

The IAASB developed the Framework to support a more agile standard-setting process. The Framework also provides additional public transparency around the IAASB’s prioritization activities, beyond the formally approved due process. The Framework sets out the different components within the IAASB’s due process for advancing topics onto and through the IAASB’s work plan.

The Framework describes the IAASB’s operating processes and procedures for advancing standard-setting and other related activities. By being more deliberate and evidence-based, the IAASB will be more responsive to the key public interest challenges in audit and assurance. The Framework sets out the following key components:

• Information gathering and research activities;
• Revising and developing standards;
• Narrow scope maintenance of standards; and
• Activities to support standards’ implementation.

A new video on the suite of quality management standards is now available from the IAASB. It addresses considerations for firms when preparing to implement the standards, such as what may be retained from current systems, the time and resources needed, the impact on the firm as a whole, and various ways to approach implementation. The video emphasizes the need for firms to start early and prepare for implementation.

The IAASB suite of new and revised quality management standards was released in December 2020; they will become effective on December 15, 2022.

Amid a rapidly changing world, the first digital native generation is entering the workforce. This joint report from ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) draws upon the responses of 9,000+ 18-25 year olds to gain insights into how Generation Z’s top concerns may influence what they want from their careers, what attracts them to organizations, and their views on accountancy, business, and the impact of COVID-19.

The International Auditing and Assurance Standards Board (IAASB) today published its Public Report detailing its progress to support the public interest between July 2019 and December 2020. During this 18-month period, the IAASB completed five major standards aimed at enhancing audit and assurance quality, adopted a four-year strategy focused on the public interest, and established a new work plan focused on emerging issues. The IAASB also responded to a new environment sparked by the global pandemic by issuing guidance and engaging with a broad range of stakeholders in order to sustain trust in audit and assurance.

The Public Report showcases the IAASB’s efforts to be a responsive, agile and innovative standard setter, closely connected with its stakeholders. The report highlights completed and in progress standard-setting projects, other new initiatives to respond to stakeholder needs, and our efforts to improve the agility of the standard-setting process. The report also includes reflections from IAASB Chair Tom Seidenstein on his first 18 months in this role.

In March 2021, the IESBA reflected on the progress made to date on its technology Initiative, and considered next steps and timing, also recognizing the increased burdens stakeholders have shouldered as a result of the pandemic.

Click on the IESBA Update below to learn more.

Marking a significant step forward in supporting assurance for non-financial reporting, the International Auditing and Assurance Standards Board (IAASB) today published Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements.

The Guidance responds to ten key stakeholder-identified challenges commonly encountered in applying International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. The guidance promotes consistent high-quality application of ISAE 3000 (Revised) in extended external reporting assurance engagements to:

• strengthen the influence of such engagements on the quality of extended external reporting;
• enhance trust in the resulting assurance reports; and
• increase the credibility of extended external reports so that they can be trusted and relied upon by their intended users.

“The IAASB is not a newcomer to assurance of what is commonly referred to as non-financial information reporting. For years, we have been active in this area as the landscape has continued to evolve,” according to IAASB Chair Tom Seidenstein. “Together with ISAE 3000 (Revised) and ISAE 3410, Assurance Engagements on Greenhouse Gas Statements, this guidance forms a strong package that will help enhance confidence in assurance reports and improve their reliability, including enabling practitioners to respond to new reporting regimes. We will continue to closely monitor current global developments to establish a coherent set of sustainability reporting standards, and are prepared to act to enhance our standards, frameworks and guidance to support progress.”

The Guidance addresses a number of overarching matters, including applying appropriate competence and capabilities, exercising professional skepticism and professional judgement, and the preconditions for an assurance engagement, as well as more specific technical matters. The Guidance also provides further explanation and examples to better understand the distinction between limited assurance and reasonable assurance engagements.

The IAASB expresses its sincere appreciation for the collaboration and funding provided by the World Business Council for Sustainable Development and the Gordon and Betty Moore Foundation.

Extended External Reporting
Extended external reporting encapsulates many different forms of reporting, including but not limited to, sustainability or environmental, social and governance (ESG) reporting, integrated reporting, reporting on corporate social responsibility, greenhouse gas statements, and service performance reporting in the public sector. These kinds of extended reporting are growing in frequency and importance, and address matters that are becoming increasingly critical to decision-making by investors and other users.

Additional Support Material
Two additional items of non-authoritative support material have also been published. These are not integral to the Guidance—the Guidance can be used without the need to refer to these materials but they are available as additional resources should practitioners wish to refer to them: (1) Credibility and Trust Model Relating to EER Reporting, and (2) Illustrative Examples of Selected Aspects of EER Assurance Engagements. The latter includes examples that cover a broad range of reporting frameworks.

About the IAASB
The International Auditing and Assurance Standards Board 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.