IAASB Technical Director Matthew Waldron hosts the June 2017 audio podcast featuring Chairman Arnold Schilder and IAASB Members Karen French and Megan Zietsman to discuss key activities and events from the board's June 19-22, 2017 meeting in New York, New York.

• 0:00 to 0:40            Introduction
• 0:41 to 5:14            Chairman’s overview
• 5:15 to 11:51           Quality Control
• 11:52 to 15:42         Networks
• 15:43 to 18:00         ISA 220
• 18:01 to 20:26         Group Audits
• 20:27 to 22:49         Closing remarks and next meeting

Thinking beyond the financial elements of an organization to other key areas of value creation can help small- and medium-sized entities (SMEs) develop a better understanding of their business and provide key insights for the future. Today, it is critical for organizations to think broadly about performance and strategy, and improve communication to shareholders, investors, customers and suppliers on what drives value for the organization.

Creating Value for SMEs through Integrated Thinking: The Benefits of Integrated Reporting, published today by the International Federation of Accountants (IFAC) and the International Integrated Reporting Council (IIRC), highlights how SMEs—and the professional accountants serving them—can benefit from integrated thinking and reporting.

“As the engines of economic development, SMEs are critically important to the world’s economy,” said Sylvia Tsen, IFAC Executive Director. “They have significant value beyond the financial, which integrated thinking and reporting helps uncover. An integrated approach can help SMEs, including not-for-profits, increase their impact because it encourages an inclusive view of operations, risks and opportunities, and future outlook.”

Integrated reporting embraces the six capitals established by the IIRC’s International Integrated Reporting Framework: financial, human, intellectual, manufactured, natural, and social and relationship. Considering each holistically, organizations can build a clearer understanding of the factors necessary to build value over the short, medium, and long term, including how the business uses and effects its resources.

“Integrated reporting is well underway to becoming the global norm, so it has to work for all businesses, large and small,” said Richard Howitt, IIRC Chief Executive Officer. “I am delighted how this new publication shows the considerable benefits for smaller organizations. The IIRC’s principles-based framework is deliberately flexible so that SMEs can apply it to their own specific circumstances.”

Whether advising an organization or working within it, professional accountants are equipped with the skills and understanding to apply integrated reporting, help discover important insights, and provide stakeholders with a broader picture of how the business meets its strategic objectives. Additional resources to help professional accountants improve integrated thinking are available on the Global Knowledge Gateway, including Creating Value with Integrated Thinking: The Role of the Professional Accountant.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Integrated reporting enhances the way organizations think, plan, and report their business’ story. It is used as an opportunity to communicate a clear, concise, integrated story explaining how value is created within the organization. It can help businesses think holistically about their strategy and plans, make informed decisions, manage key opportunities and risks to build investor and stakeholder confidence, and help manage the organization’s performance.

The International Auditing and Assurance Standards Board (IAASB) welcomes the adoption by the US Public Company Accounting Oversight Board (PCAOB) of a new auditing standard to enhance auditor’s reports by providing additional, relevant information to users, including critical audit matters.

The PCAOB’s new standard, which is subject to US Securities and Exchange Commission (SEC) approval, is comparable with the IAASB’s new and revised Auditor Reporting Standards, which require the communication of key audit matters in auditor’s reports of listed entities and became effective for December 2016 year-end audits.

“The PCAOB’s adoption of a standard to enhance auditor’s reports is a significant step forward in providing useful and relevant information to investors and other users,” said Prof. Arnold Schilder, IAASB Chairman. “Auditor’s reports are no longer “boilerplate” reports—auditors are now providing additional information about the audit, which is highly valued by users. We are particularly pleased that the PCAOB’s requirements are comparable to those of the IAASB. Coordination among standard setters is important in striving toward auditing standards that are, in principle, globally consistent.”

Two new publications comparing the IAASB and PCAOB standards have been developed by the IAASB’s Auditor Reporting Implementation Working Group. These publications will assist users in understanding the key similarities and differences between the IAASB and PCAOB requirements. Additional information on the IAASB’s new and revised Auditor Reporting Standards, as well as support materials, are available online.

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.

Following the US Public Company Accounting Oversight Board (PCAOB)’s recent release of AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, the IAASB's Auditor Reporting Implementation Working Group has prepared a comparison between the IAASB and PCAOB standards. These publications will help improve understanding of the key aspects of the standards from both organizations.