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Professional Perspectives Through IFAC Initiatives:

Professional Perspectives Through IFAC Initiatives: An International Auditing and Assurance Standards Board Perspective. Jim Sylph Executive Director – Professional Standards.

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Professional Perspectives Through IFAC Initiatives:

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  1. Professional Perspectives Through IFAC Initiatives: An International Auditing and Assurance Standards Board Perspective Jim Sylph Executive Director – Professional Standards IFAC & EBA Joint Conference Tallinn September 9, 2009

  2. Agenda • ISA Implementation Challenges • ISA Implementation Support • Implementation Monitoring • Development of Alternative Assurance/Other Services • International Standards on Assurance Engagements

  3. ISA Implementation ISA Implementation Challenges • Key principles for successful adoption and implementation: • acceptance, availability, accessibility & awareness • Challenges for successful implementation • Adoption at national level • Education and training of users • Updating of methodologies and audit plans • Translation

  4. ISA Implementation ISA Implementation Support • IAASB Clarity Center: Background and information on Clarity Project • Individual ISAs and Basis of Conclusions • Staff Updates, Alerts, FAQs, Q&A, etc. • ISA Modules : • Short videos and supporting slides covering main thrust of the revised ISA and significant changes • First release Q3 2009, free of charge from Center

  5. ISA Implementation ISA Implementation Monitoring • IAASB is seeking feedback on implementation and effectiveness issues concerning the clarified ISAs (2009 -2011) • Consultation with firms, regulators, audit oversight bodies, IAASB National Auditing Standard Setters (NSS) & others • Capturing first-year implementation experiences of selected NSS and audit firm ‘early-adopters’ • Questionnaire • Differing national timetables necessitate iterative approach • A post-implementation review of the ISAs is planned in the longer term (2012 or later)

  6. Alternatives to the Audit Standards for Alternative Assurance & Other Services: Reviews and Compilations • Project approved March 2009; Issues Papers presented at the June and September 2009 IAASB meetings • ISRE 2400 and ISRS 4410 highly relevant as exemptions from statutory audit requirements increase (e.g. as in many EU countries including Estonia) • Priority given to revising these standards • Project considerations: • “An audit is an audit”, but … • Alternative services must be clearly distinguishable as to level of assurance (where applicable); required work effort • Communication to promote user understanding.

  7. International Standards on Assurance Engagements Revision: ISAE 3402 Assurance Reports on Controls at a Third-Party Service Organization • Approval of final ISAE expected September 2009 New ISAE: Pro-forma Financial Information included in Prospective Financial Information • Exposure draft expected December 2009 Revision ISAE 3400: Examination of Prospective Financial Information • Project proposal December 2009 New ISAE: Assurance on Greenhouse Gas Statements • First IAASB project in the area of sustainability assurance • Exposure draft under development

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