The International Auditing and Assurance Standards Board (IAASB) today released its Work Plan for 2017–2018 following a public consultation with stakeholders. The continuing relevance of the board’s strategic objectives was also confirmed with the IAASB release of a Supplement to its Strategy for 2015–2019: Fulfilling Our Public Interest Mandate in an Evolving World.
The Work Plan is guided by the three underlying strategic objectives set in the five-year Strategy:
- a continued focus on International Standards on Auditing (ISAs) as the basis for high-quality audits;
- the importance of the IAASB’s standards for other services to address emerging needs of stakeholders; and
- the board’s intention to strengthen collaboration with others to address public interest matters relevant to its work.
“The IAASB’s strategic objectives contribute to enhancing audit quality. The intent is for the audit standards and guidance being developed to further enhance that quality and to uphold the trust placed in audits and auditors,” noted Prof. Arnold Schilder, IAASB Chairman. “Respondents to the consultation stressed the importance of addressing key topics that contribute to high-quality audits in a changing business environment, influenced by technology, complexity, and demands for continued relevance of the audit.”
Work Plan Priorities
The Work Plan prioritizes addressing the most pertinent public interest issues. The IAASB is also considering how quality can be further embedded in the way that firms approach audits and other engagements under the IAASB’s International Standards. The IAASB recognizes the importance of addressing the concerns of small- and medium-sized practices (SMPs), including considering how auditing standards can be effectively applied to audits of small- and medium-sized entities, and standards to support other services provided by SMPs.
The IAASB will publish a timetable of current projects on its website, to be updated on a quarterly basis, to maintain transparency on progression.
About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.