The IAASB's strategy and work plan for 2024-2027 is aimed at enhancing consistency and quality of audit and assurance standards worldwide and reflects the crucial role of audit and assurance in fostering trust in the world’s economies.

Key highlights of the Strategy include:

2022 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements

Completed

ISA 315 (Revised 2019): Identifying and Assessing the Risks of Material Misstatement

Completed

ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement

Completed

ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement

Completed

ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement

Completed

As the International Auditing and Assurance Standards Board reaches the midpoint of its public consultation on proposed amendments to its fraud standard, a new four-part video series has been released. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.

Explore the ‘Understanding Proposed Changes to the Fraud Auditing Standard Video Series’:

• Overview of Key Changes: Gain an understanding of the proposed key changes from IAASB Member and Fraud Task Force Chair Julie Corden. Julie also provides brief background information and why these changes are being proposed.
• Spotlight on Auditor’s Responsibilities: Understand auditors’ responsibilities relating to fraud in an audit. IAASB Senior Manager Nathalie Baumgaertener Dutang explains how the proposed changes make these responsibilities clearer and more practical.
• Auditor’s Response to Fraud or Suspected Fraud: How are auditors, and engagement partners, being asked to enhance how they respond to fraud or suspected fraud? IAASB Principal Angelo Giardina outlines the new requirements, relocated requirements, and clarifications.
• Enhanced Transparency in the Auditor’s Report: Join IAASB Director Jasper van den Hout to learn more about how the proposed changes will enhance transparency in the auditor’s report regarding auditors’ responsibilities relating to fraud as well as fraud-related procedures (i.e., Key Audit Matters related to fraud).

The proposed changes to ISA 240 significantly strengthen auditors’ responsibilities relating to fraud. The IAASB encourages all stakeholders to submit their comments using the Response Template, designed to facilitate structured responses and streamline feedback collation and analysis. Stakeholders are invited to share their insights by June 5, 2024.

International Standard on Assurance Engagements (ISAE) 3402

Jan 1, 2009

Completed

Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance

Completed

Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Sustainability and Other Extended External Reporting Assurance Engagements

Completed