INTERNATIONAL FEDERATION OF ACCOUNTANTS

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International Federation of Accountants
International Auditing and Assurance Standards
Board Status of Clarity Project and Other
Activities INTOSAI PSC Steering Committee
Meeting October 21-22, 2008
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Clarity Project
IAASB Update

• Project commenced in 2004
• Objective
• Understandable, clear standards capable of
  consistent application
• Each redrafted International Standard on Auditing
  (ISA) contains
• Objective(s) of the auditor
• Requirements
• Application and other explanatory material
• Including public sector audit considerations

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Clarity Project
IAASB Update

• Public sector audit considerations developed with
  assistance of
• INTOSAI FAS experts on IAASB Task Forces
• INTOSAI FAS Clarity Reference Group
• INTOSAI nominated IAASB member and technical
  advisor

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Clarity Project
IAASB Update

• Final three ISAs to be approved by the IAASB in
  December 2008
• Consistency review in progress
• PIOB due process confirmation in February 2009
• Project to be completed in March 2009
• Effective date December 15, 2009

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2009 Work Program
IAASB Update

• Audit of financial statements
• ISA 610 on using the work of internal audit
• ISA 700 on auditors reports
• Reporting on XBRL financial statements
• Other assurance services
• ISRE 2410 on review of financial statements
• ISAE 3000 on other assurance engagements
• Reporting on carbon emissions information
• Reporting on sustainability reports
• Reporting on pro forma financial statements
• Reporting on prospective financial information

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2009 Work Program
IAASB Update

• Other projects
• Fair value audit guidance
• Review of International Auditing Practice
  Statements
• Review of implementation guidance
• Process for impact assessments
• Process for effectiveness review
• Audit quality

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IFAC-IAASB-INTOSAI Relationship
IAASB Update

• Various reviews currently being conducted
• IFAC Reform proposals effectiveness review
• IFAC Efficiency review
• FAS World Bank review
• PSC Beyond 2010 proposals
• Proposal
• Review scope and form of relationship in early
  2009, taking account of findings of reviews

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IFAC-IAASB-INTOSAI Relationship
IAASB Update

• Consider scope of relationship
• Established
• IAASB (audit but what about other assurance?)
• International Public Sector Accounting Standards
  Board (IPSASB)
• What about
• International Ethics Standards Board for
  Accountants I IESBA)?
• Professional Accountants in Business (PAIB)
  Committee?
• Implementation support?
• News INTOSAI PSC project on quality control?

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KEY ACCOUNTABILITY OVERSIGHT CONSULTATION/ADVICE
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IFAC-IAASB-INTOSAI Relationship
IAASB Update

• Consider different forms of cooperation
• Standard setting board member / technical advisor
  / observer
• IAASB staff involvement in PSC-related projects
• PSC Subcommittee nominee involvement in
  IAASB-related projects
• Membership of Consultative Advisory Group

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International Federation of Accountants
www.ifac.org