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Proposed Strategy for 2020–2023 and Work Plan for 2020–2021

Proposed Strategy for 2020–2023 and Work Plan for 2020–2021. Consultation Paper on Proposed Strategy 2020–2023 and Work Plan 2020–2021. Consultation Paper informed by significant outreach efforts and a strategy survey Issued in February 2019

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Proposed Strategy for 2020–2023 and Work Plan for 2020–2021

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  1. Proposed Strategy for 2020–2023 and Work Plan for 2020–2021

  2. Consultation Paper on Proposed Strategy 2020–2023 and Work Plan 2020–2021 Consultation Paper informed by significant outreach efforts and a strategy survey Issued in February 2019 Comments are requested by June 4, 2019 IAASB also issued Work Plan for 2019 (not out for consultation)

  3. The Environmental Drivers: Our Opportunities and Challenges Advancement in, and use of, technology Environment for Small- and Medium Sized Entities Increasing complexity and its implications Changing reporting needs of stakeholders Changing expectations and public confidence in audits

  4. Our Strategy and Focus

  5. Strategy and Focus (Cont.) A. Complete our major AQ enhancements and enable them to ‘take root’ • Complete projects on Quality Management and Group Audits • Complete Auditor Reporting Post Implementation Review • Implementation support for ISA 540 (Revised), ISA 315 (Revised), Quality Management and Group Audits, as needed B. Further challenge and enhance the fundamentals of our standards • Complete the guidance for our Extended External Reporting initiative • Identify and prioritize future actions (e.g. audit evidence, implications of technology,changing corporate reporting needs, expectations of the role of auditors in certain areas) • Continue our focus on professional skepticism

  6. Strategy and Focus (Cont.) C. Develop ways to address complexity • Complete research activities relating to Audits of Less Complex Entities(challenges and possible actions, and other activities as needed) • Enhance the accessibility and ease of use of our standards D. Strengthen and broaden our capability and capacity to respond by innovating our ways of working • See next slide \... E. Deepen our connectivity and collaboration opportunities • For example with the CAG, IESBA, NSS, IFAC

  7. Framework for Activities

  8. Framework for activities (Cont.) Key features of the Framework include: Robust information-gathering and research activities • Identifying and further understanding casual factors of issues andchallenges with standards • Information-gathering re emerging issues and developments • When applicable, post-implementation reviews Mechanisms for addressing issues and challenges on a more timely basis • Developing non-authoritative practical guidance • Developing a process for ‘limited-scope’ revisions to standards • Considering to implement an ‘interpretations' mechanism

  9. Work Plan 2020‒2021 Complete ISA projects still underway at end 2019 • QM projects • Group audits Complete Non-authoritative guidance still underway at end 2019 • EER assurance Progress • Audit Evidence • Audits of Less Complex Entities Implementation activities (ISA 315, QM etc.) Research and information gathering (New projects?)

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