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International Auditing and Assurance Standards Board

International Auditing and Assurance Standards Board. Presentation to the AAA Mid-Year Conference Clearwater, January 16, 2004. Setting Auditing Standards in the International Environment. Who is IAASB? Liaison Groups Agenda Translation Convergence. IAASB. 18 Members

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International Auditing and Assurance Standards Board

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  1. International Auditing and Assurance Standards Board Presentation to the AAA Mid-Year Conference Clearwater, January 16, 2004

  2. Setting Auditing Standards in the International Environment • Who is IAASB? • Liaison Groups • Agenda • Translation • Convergence

  3. IAASB • 18 Members • Ten put forward by Member Bodies • Five put forward by Forum of Firms • Three public members put forth by any individual or organization • Each may appoint a technical advisor • Two observers – Japanese FSA, PCAOB • Experienced in auditing and assurance services, academia, public and private sectors, governance • Five meetings annually (25 days) • In 2003 – 87 additional Task force meetings

  4. IFAC PIOB PIOB CAG CAG PIOB PIOB CAG CAG Public NSS TAC IAASB IAASB IAASB IAASB IOSCO EC INTOSAI Academia SMP MBs IAASB Liaison Groups

  5. Overall 2004 Timetable Considerations IAASB Project Timetable • 30 June 2004 set as ‘cut-off’ date for new and revised standards and guidance with 2005 effective dates • Establishes body of auditing standards for adoption by EU in 2005 • Standards issued after June 2004 to have 2006 effective dates

  6. IAASB Project Timetable Planned Approvals • February 2004 • Final Pronouncements • ISQC 1, Quality Control forFirms that Perform Audits and Reviews of Historical Financial Information, Other Assurance and Related Services Engagements • ISA 220, Quality Control forAudits of Historical Financial Information • ISA 240, The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements • ISA 300, Planning the Audit • Exposure Draft • Policy, Convergence

  7. Planned Approvals • April 2004 • Final Pronouncement • ISA, Review of Interim Financial Information Performed by the Auditor of the Entity • June 2004 • Exposure Drafts • ISA 540, Audit of Accounting Estimates • ISA 320, Materiality • ISA 230, Documentation

  8. Planned Approvals • September 2004 • Exposure Draft • ISA 260, Communication with Those Charged With Governance • Final Pronouncements • ISA 700, The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements • ISA 600, The Work of Related Auditors and Other Auditors in the Audit of Group Financial Statements • IAPS, The Audit of Group Financial Statements • Policy, Convergence

  9. Planned Approvals • December 2004 • Exposure Draft • ISA 550, Related Parties

  10. ISA701, Modifications to the Auditor’s Report • ISA 800, The Auditor’s Report on Special Purpose Audit Engagements • ISA, Management Representations • Clarity of IAASB Standards • Comfort Letters • Subject Matter Assurance Engagement Standards (to be determined and as resources permit) 2004 Projects Under Development

  11. Translation • Key words • Responsibilities of translating body • Translation process • Effective date

  12. Convergence • national standard setter that claims convergence • professional accountant who states in his/her report that an engagement was conducted in accordance with ISAs

  13. International Auditing and Assurance Standards Board Presentation to the AAA Mid-Year Conference Clearwater, January 16, 2004

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