Entries by Darren Caple

2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements

September 15, 2021 /0 Comments/in /by

The latest edition of the handbook includes: ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures replacing ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures. The handbook also includes conforming and consequential amendments from ISA 540 to other standards, with the exception of International Auditing Practice Note 1000, which will…

How Global Standards Become Local

September 9, 2021 /0 Comments/in /by

IFAC’s new framework for implementing global sustainability standards set by an International Sustainability Standards Board builds on the previously issued Building Blocks Approach. This framework examines how existing mechanisms already in place for adopting IFRS Standards used in financial reporting may be appropriate or adapted for sustainability-related reporting. Alternatively, a new mechanism may be required. IFAC…

The Professional Accountant’s Role in Data

May 13, 2021 /0 Comments/in /by

As economies digitize, organizations of all sizes across sectors face enormous disruption and opportunity. Professional accountants must expand their approach to include both structured and unstructured datasets to support organizations in making insight-driven decisions. The Professional Accountant’s Role in Data, a joint report released by IFAC and the Chartered Professional Accountants of Canada (CPA Canada), outlines a data management value chain and explores four key…

Groundbreakers: Gen Z and the Future of Accountancy

May 5, 2021 /0 Comments/in /by

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…

Ethical Leadership in an Era of Complexity and Digital Change

February 23, 2021 in /by

In their roles as ethical leaders and trusted advisors, professional accountants rely on professional skills, values, ethics and attitudes to serve their organizations and clients. Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS) are collaborating with IFAC to research and report on how complexity in the professional…

Anti-Money Laundering, The Basics: Installment 5 – Tax Advice

February 23, 2021 in /by

This is the fifth installment of a 6-month publication series titled Anti-Money Laundering, The Basics. The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.  To be globally relevant, the…

International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements

December 23, 2020 in /by

ISQM 1 strengthens firms’ systems of quality management through a robust, proactive and effective approach to quality management. The standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs. ISQM 1 applies to all firms that perform engagements under the…

International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements

December 23, 2020 in /by

ISA 220 (Revised) deals with the engagement partner and engagement team’s responsibilities for quality management for an audit of financial statements. The revised standard modernizes the approach to quality management through improved and requires the engagement partner and engagement team to be proactive in managing and achieving quality. ISA 220 (Revised) is effective for audits…

Agreed-Upon Procedures Engagements

December 23, 2020 in /by

This publication outlines an agreed-upon procedures engagement, identifies the benefits to clients of offering such services, and when an AUP engagement is appropriate. It also covers examples of financial and non-financial subject matters, six short case studies with example procedures that might be applied and two illustration AUP reports from ISRS 4400 (Revised).