News and Publications

ISA 220 (Revised): Definition of an Engagement Team Fact sheet

ISA 220 (Revised): Definition of an Engagement Team Fact sheet

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To help users adapt to the clarified and updated definition of “engagement team”, this fact sheet addresses the clarified definition and its possible impacts, including recognition that engagement teams may be organized in a variety of ways, including across different locations or by the activity they are performing. The fact sheet also includes a diagram…
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Anti-Money Laundering, The Basics, Installment 9 – Tools to Fight Back

Anti-Money Laundering, The Basics, Installment 9 – Tools to Fight Back

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This is the ninth installment in the Anti-Money Laundering, The Basics series. 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 series uses the risk-based…
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Audit Fees Survey 2022

Audit Fees Survey 2022

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How much does audit cost? How does this compare to the fees companies pay for other professional services provided by statutory auditors? These questions are the starting point for this report. But when talking about listed companies in different jurisdictions and of all sizes, absolute figures may not shed meaningful comparative insight. Accordingly, the purpose…
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Final Pronouncement: Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code

Final Pronouncement: Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code

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The revised provisions include an expanded definition of “public interest entity” (PIE) in the Code by specifying a broader list of PIE categories, including a new category “publicly traded entity” to replace the category “listed entity.” The revised provisions also recognize the essential role local bodies responsible for the adoption of the Code play in…
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Final Pronouncement: Quality Management-related Conforming Amendments to the Code

Final Pronouncement: Quality Management-related Conforming Amendments to the Code

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In December 2020, the International Auditing and Assurance Standards Board (IAASB) issued its suite of quality management standards (ISQM 1, ISQM 2, and ISA 220 (Revised)). As a result of the finalization of those standards, the IESBA considered it is necessary to make certain conforming amendments to the Code.    These conforming amendments will be…
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International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)

International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)

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ISA 600 (Revised) deals with special considerations that apply to a group audit, including when component auditors are involved. The standard includes new and revised requirements and application material that better aligns the standard with recently revised standards, such as International Standard on Quality Management 1 and International Standards on Auditing 220 (Revised) and ISA…
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Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool

Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool

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This implementation tool contains “what”, “why” and “how” suggestions. These are not all-encompassing and more or different considerations may apply depending on the circumstances of the engagement. For entities of all types and sizes, management has to make accounting estimates, which have estimation uncertainty and may also be complex. Making these estimates involves selecting and…
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Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits

Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits

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The proposed revisions establish provisions that comprehensively address independence considerations for firms and individuals involved in an engagement to perform an audit of group financial statements. The proposals also address the independence implications of the change in the definition of an engagement team―a concept central to an audit of financial statements―in the International Auditing and…
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Time for Action on Sustainability: Next Steps for the Accountancy Profession

Time for Action on Sustainability: Next Steps for the Accountancy Profession

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With the establishment of the International Sustainability Standards Board, the way forward is clear: The accountancy profession must lead on climate reporting and other material environmental, social and governance disclosures and their assurance—contributing to strong and sustainable financial markets and economies and enabling the UN’s Sustainable Development Goals.
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Proposed Technology-related Revisions to the Code

Proposed Technology-related Revisions to the Code

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This exposure draft seeks to enhance the Code’s robustness and expand its relevance in an environment being reshaped by rapid technological advancements. The proposed amendments will guide the ethical mindset and behavior of professional accountants in business and in public practice as they deal with changes brought by technology in their work processes and the…
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