The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing expected credit loss (ECL) accounting estimates. The examples illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding how ISA 540 (Revised) may be applied to:

The IAASB invites you to tune into a roundtable discussion addressing fraud in the digital age on September 2 at 7:00 am EDT live streaming on YouTube. The roundtable discussion is part of the IAASB’s new roundtable series to explore issues and challenges related to fraud through discussions with experts and leaders. These discussions will help the IAASB determine an appropriate response to the significant questions raised globally regarding the role of auditors in relation to fraud.

The proliferation of technology presents unprecedented opportunities for fraud—the means, motivation and opportunity are facilitated by the increasing and evolving use of technology. In the rapidly evolving technological landscape, detection becomes harder. As businesses embrace digitization to better serve their customers, there is an emergence of new threats. Technology may be one of the greatest enablers of fraud but also, paradoxically, one of the greatest defenses.

There is a call for auditors to do more in relation to fraud as part of their audit procedures. The IAASB is digging deeper into fraud and technology’s impact thereon, including:

• How technology facilitates the perpetration of fraud;
• How technology is used in financial statement audits to help the auditor in relation to their obligations regarding fraud; and
• How technology is used in forensic audits, and whether there are any aspects of this that may be helpful for the purpose of a financial statement audit.

Moderated by IAASB Deputy Chair Fiona Campbell, this first roundtable session in a series of three will cover:

• New vulnerabilities and fraud risks auditors should consider
• New and emerging technology used to detect fraud
• Current trends in how frauds are perpetrated using technology
• Challenges presented by technology in relation to fraud

Participants in the roundtable discussions include forensic auditors, financial statement auditors, fraud audit methodology experts, third party audit solution companies, regulators, academics, public sector representatives, and others with a strong background in this topic from across the globe.

The full session will be posted online following the event—follow us on Twitter and YouTube or register/subscribe for updates and announcements.

Roundtable Agenda
September 2, 2020, 7:00 am EDT–10:00 am EDT
IAASB YouTube

Save the dates for related upcoming roundtables. 

This is the eighth installment of a 12-month publication series titled Exploring the IESBA Code. This installment addresses NOCLAR [for PAIBs]. 

To view all installments of Exploring the IESBA Code, visit the series landing page here.

For more information about the Code, click here.

On July 14, the Monitoring Group published its final paper (the “Paper”) concerning reforms to the global standard-setting process for audit, assurance and ethics, Strengthening The International Audit And Ethics Standard-Setting System.

IPSASB Chair Ian Carruthers is confirmed to join a global webinar with the World Bank and IFAC next Wednesday, July 22 from 8am-11am ET. 

The webinar, entitled "The Sustainability of Public Finance—Supporting Resilient Response & Recovery in the Public Sector" will focus on the importance of high-quality financial reporting in the public sector, especially during the current pandemic, and showcase currently available tools that support the transition to accrual accounting and IPSAS adoption.

For more information, and to register, please click here.

IFAC calls on the G20 to stay focused on the future in the global COVID-19 response.

Highlights from the IPSASB CAG June 2020 meeting:

00:00     Welcome and introduction
00:32     Chair’s summary of the IPSASB CAG meeting
09:49     Closing remarks

The COVID-19 pandemic and government interventions to mitigate its effects have both immediate and on-going financial impacts. The nature and scale of these interventions vary widely across jurisdictions, as will their longer-term impacts.

To help governments understand the impact of general types of interventions at different points in time for decision making purposes, IFAC and ZHAW, with IPSASB as a Knowledge Partner, created this COVID-19 Intervention Assessment Tool. The Tool provides an immediate way of evaluating the financial impacts of current and planned policy initiatives, and can be used independently of where a jurisdiction is on the path to full accrual.