Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR)

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1 Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) 32nd SESSION 4-6 November 2015 Room XVIII, Palais des Nations, Geneva Wednesday, 4 November 2015 Afternoon Session Key foundations of high-quality reporting: International audit and assurance requirements and good practices in their implementation Presented by Marek Grabowski Member International Auditing and Assurance Standards Board This material has been reproduced in the language and form as it was provided. The views expressed are those of the author and do not necessarily reflect the views of UNCTAD.

2 International Standards on Auditing Marek Grabowski, IAASB Member Geneva, Switzerland November 4, 2015 Page 1 Proprietary and Copyrighted Information

3 Times are Changing Global momentum for more transparency in corporate and auditor reporting Release of a new and revised Auditor Reporting standards January 2015 Financial accountability is increasingly supplemented by more context-related information such as strategic information and nonfinancial information More interaction between those involved in the full corporate reporting supply chain Independent auditors continue to have a key role in these evolving times, contributing to high quality accountability and setting a basis for trust Page 2 Proprietary and Copyrighted Information

4 IAASB s Strategic Objective for ) Ensure that ISAs continue to form the basis for highquality, valuable and relevant audits conducted worldwide by responding on a timely basis to issues noted in practice and emerging developments 2) Ensure the IAASB s standards evolve as necessary to adequately address the emerging needs of stakeholders for services other than audits of financial statements 3) Strengthen outreach and collaboration with key stakeholders in the reporting supply chain on public interest issues relevant to audit, assurance and related services Page 3 Proprietary and Copyrighted Information

5 New and Revised Auditor Reporting Standards Key Features Auditor Report Audit Opinion Required to be presented first Key Audit Matters Required for listed entities Going Concern Additional focus Other Information New section Responsibilities In the audit; Independence and ethical obligations; Engagement partner (listed entities) Page 4 Proprietary and Copyrighted Information

6 What Are KAM? KAM are defined as those matters that, in the auditor s professional judgment, were of most significance in the audit of the financial statements of the current period KAM are selected from matters communicated with TCWG Page 5 Proprietary and Copyrighted Information

7 Which Auditor s Reports Will Include a KAM Section? KAM is required to be communicated in the auditor s report for audits of financial statements of listed entities in accordance with new ISA 701 Law or regulation may require KAM for audits of entities other than listed entities (e.g., public interest entities, or public sector entities) Auditors may voluntarily, or at the request of management or TCWG, communicate KAM in the auditor s report for entities other than listed entities Page 6 Proprietary and Copyrighted Information

8 The Decision-Making Framework for KAM Matters that were communicated with those charged with governance Matters that required significant auditor attention Matters of most significance in the audit Key Audit Matters Page 7 Proprietary and Copyrighted Information

9 The IAASB in the Coming Years Key Public Interest Areas to Address Audit Leadership in the Public Interest Transparency and Observability of the Audit Independent, Challenging, Skeptical Proactive Quality Management Approach (resulting in new ISQC 1 and ISA 220) Fit with Evolving and Complex Business Environment and How Audits are Being Carried Out Fit for Complexity (Financial Institutions, Groups) Communication, Interactions, Documentation Networks, Firms, Remediation Processes Page 8 Proprietary and Copyrighted Information

10 The IAASB in the Coming Years Work Plan for Priority Projects Quality Control Group Audits Professional Skepticism ISA 540, Incl. FI 2015: (1) Intense exploration, research and outreach One discussion paper (ITC); (2) Project proposal related to ISA : Analysis of comments and dialogue Proposals for standard setting and other guidance Enhancing Audit Quality with a Clear Public Interest Perspective Page 9 Proprietary and Copyrighted Information

11 Exploring New Developments Innovations Working Group Monitoring at a high level new and emerging issues Integrated Reporting Working Group Monitoring the developing demand for assurance engagements designed to enhance the credibility of integrated reporting, and other emerging developments in external reporting. and how and when to respond to these developments most effectively in the public interest Working Group Publication - July 2015 Issuance of a discussion paper second half of 2016 Audit Data Analytics Working Group Considering audit data analytics and effect on the audit, including whether ISAs may be viewed as restricting innovation Issuance of discussion paper or similar document second half of 2016 Page 10 Proprietary and Copyrighted Information

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