Organizations’ Audit Committees Must Rise To the Challenges of the ‘New Normal’

As organizations confront the immediate and longer-term implications of COVID-19, The Institute of Internal Auditors (IIA) and the International Federation of Accountants (IFAC) today issued a call to action for audit committees to ensure objective oversight of organizational activities, including...

IFAC Outlines Five Factors for High-Quality Audit, Issues Call to Action for Stakeholders in Audit Ecosystem

High-quality audits are the backbone of the global financial system. Each year, thousands of audits – including over 40,000 audits of public listed companies – make organizations more transparent and trustworthy, help attract investor capital, help secure jobs, and help economies thrive.  The...

Revised Audit Quality Indicators Disclosure Framework

As part of ongoing efforts to raise audit quality, ACRA has revised the Audit Quality Indicators (AQI) Disclosure Framework in January 2020. The revised AQI framework comprises audit quality indicators to provide relevant and useful information to help Audit Committees in their evaluation of...

IFAC Report Highlights Accountancy Profession as Key Driver of Progress in Adoption of International Standards

In celebration of World Standards Day, IFAC (International Federation of Accountants) today released a new report detailing how and where international accountancy standards—which focus on audit and assurance, ethics, education, and private and public sector accounting—are being adopted and...

Research Shows Benefits of Multidisciplinary Firm Structure in Producing High Quality Audits

Scrutiny of the multidisciplinary model and its impact on audit quality has increased in the international regulatory dialogue that has followed some high-profile corporate collapses. The concept of ‘audit-only’ firms has been proposed as a solution to the ongoing concerns about audit quality,...

IAASB’s Key Achievements, 2016-2019

The IAASB public report, Foundation for the Future, summarises the Board’s achievements from 1 January 2016 to 30 June 2019. Some of the key achievements include: Approved five new and revised standards. Issued six exposure drafts and consultation with stakeholders on five key...

IAASB June 2019 Meeting Highlights Podcast

This podcast contains highlights from the IAASB Meeting on 17-21 June in New York.  The meeting covers the various ongoing projects including identifying and assessing risks of material misstatement, group audits, agreed-upon procedures and extended external reporting. Please...

IAASB Publishes Professional Scepticism Communiqué

This communiqué is part of a series from the IAASB Professional Scepticism Working Group, providing updates on the IAASB’s efforts to appropriately reflect professional scepticism in its standards, together with other relevant news and information.