The IAASB recently released a suite of proposed international standards on quality management. The proposals change the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements.

This short video introduces the IAASB’s three quality management standards and explains why the proposals are important to firms and other stakeholders. 

The International Ethics Standards Board for Accountants^® (IESBA^®) is pleased to announce two 90-minute webinars supporting the roll-out of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

To join one of the two webinars, any professional using, applying and enforcing the Code should click the link on their preferred date below to register:

• Thursday March 28, 2019 at 7:00 AM EST
• Wednesday April 17, 2019 at 10:00 AM EST

During the webinar, the IESBA representatives will explain the Code’s new structure; and the substantive revisions, including to the conceptual framework and provisions relating to inducements, including gifts and hospitality; pressure; and preparing and presenting information. The webinar will also touch on the new Non-compliance with Laws and Regulation (NOCLAR) and  revised Long Association provisions which are already effective; as well as the IESBA’s e-Code initiative.

Effective mid-June 2019, the Code reinforces professional accountants’ responsibility to comply with the five fundamental principles of ethics and emphasizes the International Independence Standards that apply in performing audits, reviews and other assurance engagements.

More information about the Code is available at the IESBA’s website.   

If you have questions about this webinar, please email Geoff Kwan at geoffkwan@ethicsboard.org.  

Accounting technicians play an important role in many jurisdictions and an accounting technician qualification is frequently a pathway into the accountancy profession. IFAC is delighted to share a framework for professional accountancy organizations that will support a competent, skilled and future-ready accounting technician workforce.

“Prepared by the AAT, and based on the association’s competency framework, An Illustrative Competency Framework for Accounting Technicians is a conversation starter,” explained Joseph Bryson, Head of Quality & Development at IFAC. “IFAC hopes that every professional accountancy organization with an interest in the accounting technician qualification shares their experiences and helps to grow this important segment of the global accountancy ecosystem.”

The Framework’s illustrative example is a resource for professional accountancy organizations creating an Accounting Technician designation as an additional pathways into the accountancy profession. Those interested in sharing their experience and knowledge should email their articles and/or resources marked “IFAC AAT Framework Discussion”.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Accounting technicians play an important role in many jurisdictions and an accounting technician qualification is frequently a pathway into the accountancy profession. The Framework’s illustrative example is a resource for professional accountancy organizations creating an Accounting Technician designation as an additional pathways into the accountancy profession. Those interested in sharing their experience and knowledge should email their articles and/or resources marked “IFAC AAT Framework Discussion”.

Extended external reporting (EER) is becoming increasingly common and there is a growing demand for assurance engagements in relation to it. The International Auditing and Assurance Standards Board (IAASB) seeks feedback on its progress in developing draft guidance in the first phase of its EER Assurance project. Public input is requested by June 21, 2019.

EER encapsulates many different forms of reporting including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about environmental, social and governance matters.

The IAASB Consultation Paper, Extended External Reporting Assurance , includes the first part of draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements. Input received will assist the IAASB in continuing to develop a complete non-authoritative guidance document due to be published in the second phase of the project.

This consultation includes draft guidance covering:

• The suitability of criteria (reporting framework or standards) used to prepare the EER report;
• Preparer-developed criteria to determine the matters reported on (a preparer’s “materiality process”);
• The types of misstatements that may occur in the EER report (building assertions);
• The materiality of misstatements in the EER report;
• The preparer’s governance and internal control over its process to prepare the EER report; and
• Narrative and future-oriented information in the EER report.

The IAASB invites input on the draft guidance from all stakeholders, especially those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing engagements, preparers of EER reports, investors and other users, standard setters, and regulators.

Comments on the Consultation Paper are requested by June 21, 2019.

The IAASB’s EER Assurance project is being run with the support of the World Business Council for Sustainable Development.

About the IAASB

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.

This communiqué is part of a series from the IAASB Professional Skepticism Working Group, providing updates on the IAASB’s efforts to appropriately reflect professional skepticism in its standards, together with other relevant news and information. The previous edition is available online.