News

Upcoming FAS meetings

The next meeting will take place in Sandhamn, Sweden 8-9 September 2010.

Current Exposures

There are no current exposures.

The exposure drafts can be found on the ISSAI website.

ISAs currently being exposed by the IAASB

The following IAASB exposure drafts and consultation papers have open comment periods. You are invited to submit your comments here by the specified comment date.

Proposed International Standards on Auditing 

• ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
  and
• ISA 610 (Revised), Using the Work of Internal Auditors

Comments due by: November 15, 2010

Proposed International Standard on Assurance Engagements (ISAE) 3420

• Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus

Comments due by: September 30, 2010

For updated information regarding IAASB exposure of ISAs, please visit www.iaasb.org.

Quarterly Performance Reports

The most recent Quarterly Performance Report from FAS can be found here.

ISA Modules Developed by the IAASB

IAASB staff has developed a series of ISA Modules focusing on some of the new and more significantly revised ISAs. The existing modules focuses on:·

• ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with ISAs
• ISA 230, Audit Documentation·
• ISA 260, Communication with Those Charged with Governance·
• ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management·
• ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures·
• ISA 550, Related Parties, and·
• ISA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)

 

Each module consists of a short video and slides that explain the key principles of, and major changes in, individual ISAs. This non-authoritative material is designed to be of assistance to auditors in the field, trainers, and those responsible for promoting adoption and implementation of the clarified ISAs. ISA modules may be downloaded free of charge from the IAASB Clarity Center. The IAASB encourages IFAC members, associates, regional accountancy bodies, and firms to use these materials and to promote their availability to their members and employees.

IAASB staff is currently developing three new modules, planned for release in October 2010. The new modules are:

• Materiality, Misstatements and Reporting
• Using the Work of an Auditor's Expert
• Written Representations

External evaluation of FAS - Final report available

In 2008-09 the INTOSAI Financial Audit Subcommittee's activities and processes were subject to an external evaluation. The appointed evaluator Mr Harry Wilkinson, formerly Director of Accounting Practice at the Audit Commission in London, UK, submitted his report in March 2009 and it has been considered by the PSC Steering Committee. The final report is available here.

IFAC Launches global database of translations of international standards

To increase the accessibility of its guidance worldwide, the International Federation of Accountants (IFAC) has developed a database that enables professional accountants to locate third-party translations of its pronouncements in more than 30 languages. The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms.

For further information click here.
For access to the database click here or visit http://www.ifac.org/translations.
(Source: IFAC website)

Interesting reading

Arguments for Harmonising Standards on Auditing by Dr Filip Cassel, the Swedish National Audit Office
To open the PDF-version, click here.

(16-08-2010)