International Federation of Accountants

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International Federation of Accountants. International Auditing and Assurance Standards Board Status of Clarity Project and Other Activities INTOSAI PSC Steering Committee Meeting October 21-22, 2008. IAASB Update. Clarity Project. Project commenced in 2004 Objective - PowerPoint PPT Presentation

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<ul><li><p>International Federation of AccountantsInternational Auditing and Assurance Standards BoardStatus of Clarity Project and Other ActivitiesINTOSAI PSC Steering Committee MeetingOctober 21-22, 2008</p></li><li><p>Clarity ProjectProject commenced in 2004ObjectiveUnderstandable, clear standards capable of consistent applicationEach redrafted International Standard on Auditing (ISA) contains:Objective(s) of the auditorRequirementsApplication and other explanatory materialIncluding public sector audit considerationsIAASB Update</p></li><li><p>Clarity ProjectPublic sector audit considerations developed with assistance of:INTOSAI FAS experts on IAASB Task ForcesINTOSAI FAS Clarity Reference GroupINTOSAI nominated IAASB member and technical advisor</p><p>IAASB Update</p></li><li><p>Clarity ProjectFinal three ISAs to be approved by the IAASB in December 2008Consistency review in progressPIOB due process confirmation in February 2009Project to be completed in March 2009Effective date December 15, 2009 IAASB Update</p></li><li><p>2009 Work ProgramAudit of financial statementsISA 610 on using the work of internal auditISA 700 on auditors reportsReporting on XBRL financial statementsOther assurance servicesISRE 2410 on review of financial statementsISAE 3000 on other assurance engagementsReporting on carbon emissions informationReporting on sustainability reportsReporting on pro forma financial statementsReporting on prospective financial informationIAASB Update</p></li><li><p>2009 Work ProgramOther projectsFair value audit guidanceReview of International Auditing Practice StatementsReview of implementation guidanceProcess for impact assessmentsProcess for effectiveness reviewAudit qualityIAASB Update</p></li><li><p>IFAC-IAASB-INTOSAI RelationshipVarious reviews currently being conductedIFAC: Reform proposals effectiveness reviewIFAC: Efficiency reviewFAS: World Bank reviewPSC: Beyond 2010 proposalsProposal Review scope and form of relationship in early 2009, taking account of findings of reviewsIAASB Update</p></li><li><p>IFAC-IAASB-INTOSAI RelationshipConsider scope of relationshipEstablished:IAASB (audit but what about other assurance?)International Public Sector Accounting Standards Board (IPSASB)What about:International Ethics Standards Board for Accountants I IESBA)?Professional Accountants in Business (PAIB) Committee?Implementation support?News INTOSAI PSC project on quality control?IAASB Update</p></li><li><p>KEYACCOUNTABILITYOVERSIGHTCONSULTATION/ADVICE</p></li><li><p>IFAC-IAASB-INTOSAI RelationshipConsider different forms of cooperationStandard setting board member / technical advisor / observerIAASB staff involvement in PSC-related projectsPSC Subcommittee nominee involvement in IAASB-related projectsMembership of Consultative Advisory GroupIAASB Update</p></li><li><p>International Federation of Accountantswww.ifac.org </p><p>**********</p></li></ul>

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