News and Publications

Fraud and Going Concern in an Audit of Financial Statements

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The IAASB is seeking perspectives from all of its stakeholders across the financial reporting ecosystem on whether the International Standards on Auditing (ISAs) related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape, and, if so, in what areas. This Discussion Paper sets out the issues and…
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Enhancing Corporate Reporting: The Way Forward

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IFAC calls for the creation of a new sustainability standards board that would exist alongside the International Accounting Standards Board under the auspices of the IFRS Foundation. The proposed board would address the urgent and growing demand from investors, policy makers and regulators for a reporting system that delivers consistent, reliable, adaptable and assurable information…
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ISA 540 (REVISED) IMPLEMENTATION: ILLUSTRATIVE EXAMPLES FOR AUDITING EXPECTED CREDIT LOSS ACCOUNTING ESTIMATES

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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:…
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Proposed ISA 600 Webinar: Group Audits

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Listen to the recording of the second webinar on the Exposure Draft of Proposed ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors), which was held on August 13, 2020. This 90-minute webinar covers questions on the Exposure Draft submitted by participants and answered by members of the ISA…
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Exposure Draft 73, COVID-19: Deferral of Effective Dates

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The IPSASB has published Exposure Draft 73, Covid-19: Deferral of Effective Dates, which proposes to delay the effective dates of recently published Standards and Amendments to IPSAS by one year to January 1, 2023. 
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Six Recommendations for Audit Committees Operating in the "New Normal"

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In this statement, IFAC CEO, Kevin Dancey, and Richard Chambers, President and CEO of The Institute of Internal Auditors (The IIA) share specific recommendations for organizations to more vigorously confront uncertainties and turmoil that may threaten their integrity, transparency, and accountability. These recommendations are part of a call-to-action for audit committees given current and future…
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ISA 540 (Revised) Implementation: Illustrative Examples for Auditing Simple and Complex Accounting Estimates

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The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing simple and complex accounting estimates. The following illustrative examples are designed to 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)…
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