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Saturday 14 September 2024
number of visits: 36

IAASB Release

IAASB Release
 

IAASB Releases 2022-2023 Public Report: Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting

 

 

 

The International Auditing and Assurance Standards Board (IAASB) is pleased to share its 2022-2023 Public Report, Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting. This report offers a comprehensive overview of the IAASB’s progress in addressing key public interest issues and reiterates its strategic direction to continue bolstering confidence in audits and assurance engagements.

“This report reflects the IAASB's strategic objectives over the past four years, focusing on tackling the most pressing public interest issues, improving the timeliness of standard setting, and strengthening connections with stakeholders,” said IAASB Chair Tom Seidenstein. “We are privileged to serve our mandate to enhance trust in external reporting and the effective functioning of the global economy. The IAASB will continue its work with determination and a sense of humility.”

Key Highlights

  • Global Adoption of IAASB Standards: Approximately 130 jurisdictions worldwide have adopted or committed to adopting the International Standards on Auditing (ISAs). This widespread adoption underscores the authority, credibility, and global recognition of these standards as high-quality and reliable.
  • Project Timelines and Milestones: The report provides detailed timelines and key milestones for the development, approval, and implementation support for various standards. It illustrates the IAASB's commitment to delivering timely and relevant standards that meet the needs of the global audit and assurance community.
  • Transition to the Next Strategic Phase: The IAASB has developed a new strategy for the next four years. The strategy emphasizes key areas such as fraud, going concern, and emerging topics like the use of technology in audits. The strategy also includes completing the in-progress International Standard on Sustainability Assurance (ISSA 5000) and supporting its implementation. ISSA 5000 is expected to play a central role in the global reporting ecosystem, with a number of jurisdictions already signaling their intent to adopt the standard.
  • Advancements in Organizational Structure: In 2023, the International Foundation for Ethics and Audit (IFEA) was established to house the IAASB and the International Ethics Standards Board for Accountants as part of the Monitoring Group recommendations on strengthening the international audit and ethics standard-setting system. This new structure supports enhanced coordination between the two boards and strengthened independence.
  • Outreach and Collaboration: The IAASB demonstrated its commitment to rigorous international outreach by conducting more than 500 outreach activities globally in 2022-2023 with global, regional, and jurisdictional regulators, oversight bodies, and practitioners, among others.

The IAASB remains committed to its mission to enhance trust in external reporting and ensure the effective functioning of the global economy. The coming years will see the IAASB continue to build on its successes, addressing the evolving needs of the global audit and assurance community.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

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  • IAASB Release