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International Auditing and Assurance Standards Board ISA Implementation Monitoring Project Update

International Auditing and Assurance Standards Board ISA Implementation Monitoring Project Update. Jon Grant, IAASB Task Force Chairman. IAASB Board Meeting. 18 March 2010. Project Outline. The ISA Implementation Monitoring Project in Outline. A two-phase approach: 2009

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International Auditing and Assurance Standards Board ISA Implementation Monitoring Project Update

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  1. International Auditing and Assurance Standards Board ISA Implementation Monitoring Project Update Jon Grant, IAASB Task Force Chairman IAASB Board Meeting 18 March 2010

  2. Project Outline The ISA Implementation Monitoring Project in Outline A two-phase approach: • 2009 - 2011 2. 2012/13? Monitoring experiences of implementation of the clarified ISAs by countries and firms Post-implementation review of the clarified ISAs

  3. ISA Implementation Timing – CountriesFinancial periods ending .... 31 December 2009 31 December 2012 31 December 2011 31 December 2010 India India India Japan? China? ◄New Zealand Australia Brazil Canada Netherlands UK S. Africa USA (non-public entities)

  4. Phase 1 Survey of Countries Summary of Country Responses

  5. Phase 1 Survey of Country Responses Summary of Country Responses

  6. Phase 1 Survey of Firm Responses Summary of Firm Responses

  7. Phase 1 Areas of Focus Information gathered so far… Areas of Focus • Implementation difficulties: individual ISAs • ISA 600 Group Audits • ISA 320 Materiality • Extent of modifications • Implications for compliance • Status and relevance of current IAASB Policy Guidance. • Implementation by SMEs • Evidence gathering during 2010-2012 through SMPC & IAASB NSS ( leading into Phase 2 - 2012)

  8. Timetable Review timetable in context of IAASB’s three- year planning cycle Proposed Full Review ISA's apply 1 3 2 2015 2014 2013 2011 2012 2009 2010 Consultation on 2012-2014 Strategy ? Consultation on 2015-2018 Strategy ? Consultation on 2009-2011 Strategy

  9. Phase 1 Phase 1 Activities • Consider information obtained • Country and audit firm surveys • Key stakeholders (IFIAR ?) • Recommendations to IAASB June 2010 • Informing the IAASB strategy and work program 2012 – 2015 • Informing design of Phase 2 • Activities in 2011?

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