News and Publications

ISA 540 (Revised) Implementation Support: Flow Charts and Diagram

by /0 Comments/in /
The International Standard on Auditing 540 (Revised) Implementation Working Group has developed two flowcharts and a diagram to support the understanding, and effective implementation, of the standard. ISA 540 (Revised) Requirements, explains the flow of the requirements in ISA 540 (Revised); ISA 540 (Revised) – Three Testing Approaches, provides an overview of the requirements [paragraphs…
Read more

IAASB Quality Management Standards and Small- and Medium-sized Practices

by /0 Comments/in /
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 video explains how the IAASB’s proposed quality management standards are scalable for small- and medium-sized practices.
Read more

IAASB Work Plan for 2019: Enhancing Audit Quality

by /in /
The IAASB Work Plan is guided by the three underlying strategic objectives, as set out in the Strategy for 2015‒2019: a continued focus on International Standards on Auditing as the basis for high-quality audits; the importance of standards for other services addressing emerging stakeholder needs; and the board’s intention to strengthen collaboration to address public…
Read more

Exposure Draft 67, Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19)

by /in /
Exposure Draft (ED) 67, Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19), addresses transactions for collective and individual services and emergency relief. ED 67 forms part of the IPSASB’s broader non-exchange expenses project, proposing requirements for collective and individual services and emergency relief. The purpose of the IPSASB’s project on non-exchange expenses is to…
Read more

IPSAS 42, Social Benefits

by /in /
IPSAS 42, Social Benefits, provides guidance on accounting for social benefits expenditure. It defines social benefits as cash transfers paid to specific individuals and/or households to mitigate the effect of social risk. Specific examples include state retirement benefits, disability benefits, income support and unemployment benefits. The new standard requires an entity to recognize an expense…
Read more

Amendments to IPSAS 36, Investments in Associates and Joint Ventures, and IPSAS 41, Financial Instruments

by /in /
Amendments to IPSAS 36 and IPSAS 41, 2018 comprises: Part I: Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36); and Part II: Prepayment Features with Negative Compensation (Amendments to IPSAS 41). Amendments in Part I and II arise from consideration of the annual improvements and narrow scope amendments projects of the IASB.  
Read more

Enabling the Accountant’s Role in Effective Enterprise Risk Management

by /in /
Enterprise risk management (ERM) needs to be part of the professional accountant mindset and makeup. This report explores the contribution of professional accountants to effective ERM in their roles as chief financial officers (CFO) and within finance functions. To add value, accountants must be seen as risk experts who are outward-looking and provide valuable insights…
Read more

ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures

by /in /
The IAASB revised its standard on accounting estimates, ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, to respond to the rapidly evolving business environment. The revision ensures that the standard continues to keep pace with the changing market and fosters a more independent and challenging skeptical mindset in auditors. ISA 540 (Revised) becomes effective…
Read more

Professional Skepticism Lies at the Heart of a Quality Audit

by /in /
As part of the IAASB’s focus on professional skepticism, this publication provides an update on the IAASB’s efforts to appropriately reflect professional skepticism in its recently-issued, and soon-to-be-issued, standards and exposure drafts. It also includes other relevant news and information, and recent activities of the IESBA and IAESB, related to professional skepticism.
Read more