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IAASB: Post-Exposure Public Consultation for the Penultimate Narrow Scope Amendments to the ISQMs and ISAs
- 21 February 2025
- Auditing and Assurance
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has opened its post-exposure public consultation for the penultimate narrow scope amendments to the International Standards on Quality Management (ISQMs) and the International Standards on Auditing (ISAs) as a result of the revisions to the definitions of listed entity and public interest entity (PIE) in the International Ethics Standards Board for Accountants (IESBA) Code.
Article:
This consultation sets out the IAASB’s final position, rationale and pathway to broader differential requirements relating to the definitions of listed and public interest entities in the ISQMs and ISAs. Furthermore, it includes an invitation to stakeholders to comment and share any observations that might be relevant to the IAASB, prior toits finalisation of the narrow scope amendments to the ISQMs and ISAs, and to answer a few specific questions about related forward-looking matters.
The IAASB’s final position is different from the one presented in the Exposure Draft of the IAASB PIE Track 2Project, and this is due to a divergence issue between the IAASB PIE proposals and the IESBA PIE Revisions. Consequently, the IAASB’s post-exposure consultation offers stakeholders the opportunity to familiarise themselves with the identified divergence issue and how that has informed its advancement of the IAASB PIE proposals, including the rationale behind its final position.
The deadline for comments to IRBA is 18 March 2025, and to the IAASB is 25 March 2025.
The response template can be downloaded at https://www.irba.co.za/upload/IAASB-Post-Exposure-Consultation-Public-Listed-Entities-Response-Template.docx
Registered auditors and other interested parties are reminded of the several amendments that became or are soon to be effective.
These changes apply to certain sections of the Independent Regulatory Board for Auditors (IRBA) Code of Professional Conduct for Registered Auditors (IRBA Code), the IRBA Rules and the IRBA Pronouncements.
Click here to download the information document:
https://www.irba.co.za/upload/09_%20ED%20Listed%20and%20PIEs.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to comply with International Standards on Quality Management, International Standards on Auditing and other Assurance Services (including review engagements), and thus you need knowledge of newly revised and proposed standards that are approved as well as when they become effective.
- Failure to adhere to international standards may be interpreted as negligence and you could be held liable.
- Auditors, Independent Reviewers and Accountants should be aware of the latest amendments, publications and guidance issued by regulators and standard-setting boards, such as the IAASB.