News and Publications

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

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

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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…
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Agreed-Upon Procedures Engagements

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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).
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Deloitte IFRS Masterclass 2020

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IFRS Masterclass 2020 brings together world-renowned keynote speakers from Deloitte Global IFRS Leadership Team: Andrew Spooner, Phil Barden, Peter Westaway and IFRS Specialists from Deloitte Middle East: Abbas Ali Mirza, Malcolm Coates, Scott Whalan, Didier Laduron, Obada AlKowatly, Ranjith Chandran and Andreas Andreou. They will present during the three-day complimentary event insightful presentations on key IFRS standards and […]
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The Consideration of Climate-Related Risks in an Audit of Financial Statement

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Climate change is increasingly front of mind for investors and other IAASB stakeholders as its effects are increasingly visible. Given climate change’s potential to impact most, if not all entities, directly or indirectly, the IAASB issued this Staff Audit Practice Alert, which assists auditors in understanding what already exists in the International Standards on Auditing…
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Non-Authoritative Support Materials: Using Automated Tools & Techniques in Performing Audit Procedures

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The publication assists auditors in understanding whether a procedure involving automated tools and techniques may be both a risk assessment procedure and a further audit procedure. It also provides specific considerations when using automated tools and techniques in performing substantive analytical procedures in accordance with International Standard on Auditing 520, Analytical Procedures.  This publication does…
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Anti-Money Laundering, The Basics: Installment 1 – Introduction to Anti-Money Laundering for Professional Accountants

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This is the first 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…
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Self-Assessment Against Main Requirements of International Education Standards

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All IFAC member organizations are required to adopt and implement the International Education Standards, or support their adoption and implementation. This IES self-assessment checklist will help professional accountancy organizations: Facilitate a high-level assessment of the educational requirements for professional accountants in their jurisdictions against the IESs, with a view to further develop roadmaps for IES…
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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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