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ISCA Invites Comments on IAASB’s Consultation Paper: The IAASB’s Proposed Strategy and Work Plan for 2024–2027

This proposed strategy seeks to accelerate the actions originally laid out in the 2020–2023 strategy with a focus on standard setting that supports the performance of high-quality audit and assurance engagements.

It outlines four strategic objectives:

  • Support the consistent performance of quality audit engagements by enhancing the auditing standards in areas where there is the greatest public interest need;
  • Establish globally accepted standard(s) for assurance on sustainability reporting;
  • Strengthen coordination with the International Ethics Standards Board for Accountants and other leading standard setters and regulators to leverage better collective actions in the public interest; and
  • Create more agile, innovative ways of working in line with the Monitoring Group’s reform vision.

The IAASB’s 2024–2027 work plan describes the technical standard-setting work required to support the strategy. The work plan focuses on where further standards’ development can best contribute to meeting the needs of stakeholders in the external reporting ecosystem, while balancing timeliness with quality.

ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.

ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 24 February 2023.

Please click here for the IAASB CP.