News and Publications

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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ISA 220 First-time Implementation Guide

ISA 220 First-time Implementation Guide

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This non-authoritative First-time Implementation Guide may help stakeholders understand the requirements of the International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements, and implement the standard in the manner intended. Practitioners are required to have quality management systems designed and implemented in accordance with ISA 220 by December 15, 2022.…
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Non-Authoritative Support Material: Audit Planning When Using Automated Tools and Techniques

Non-Authoritative Support Material: Audit Planning When Using Automated Tools and Techniques

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This publication highlights the impact of technology when applying certain aspects of the International Standards on Auditing (ISAs). It focuses on specific considerations for planning an audit in accordance with ISA 300, Planning an Audit of Financial Statements, that may be relevant when using automated tools and techniques. This publication does not amend or override…
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Exposure Draft (ED) 81, Proposed Update to Conceptual Framework

Exposure Draft (ED) 81, Proposed Update to Conceptual Framework

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The objective of ED 81 is to update Chapter 3, Qualitative Characteristics, and Chapter 5, Elements of Financial Statements, of the Conceptual Framework, in light of: The IPSASB’s experience in applying the Conceptual Framework to the development and maintenance of International Public Sector Accounting Standards (IPSAS); and Developments in international thinking about conceptual issues since…
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Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards

Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards

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The Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards are the limited amendments to the IAASB’s suite of standards in response to the quality management standards. The amendments address any actual or perceived inconsistencies between the quality management standards and the full suite of…
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Non-Authoritative Support Material: Using Automated Tools and Techniques on Audit Planning

Non-Authoritative Support Material: Using Automated Tools and Techniques on Audit Planning

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This publication highlights the impact of technology when applying certain aspects of the International Standards on Auditing (ISAs). It focuses on specific considerations for planning an audit in accordance with ISA 300, Planning an Audit of Financial Statements, that may be relevant when using automated tools and techniques. This publication does not amend or override…
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