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IAASB: 2022/2023 Public Report
- 12 September 2024
- Auditing and Assurance
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has released its 2022-2023 Public Report, titled Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting, which 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.
Article:
This report reflects the IAASB's strategic objectives over the past 4 years, focusing on tackling the most pressing public interest issues, improving the timeliness of standard setting, and strengthening connections with stakeholders.
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 4 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 signalling 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 2 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.
Click here to download the Annual Report:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor, independent reviewer and accountant, you need to be aware of the latest publications and media releases by standard-setters and regulators, e.g. the IAASB.
Relevance to Your Clients:
- Interested parties and other stakeholders should be aware of the latest publications by the IAASB, as they might find this interesting – with its main focus on the public interest.