Implementing International Standards
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IFAC and the World Bank Centre for Financial Reporting Reform hosted a joint Regional Small- and Medium-sized Practices (SMP) Forum for Europe and Central Asia on May 31 in Vienna, Austria. The Forum provided the opportunity to discuss addressing the challenges and opportunities SMPs and medium-sized entities (SMEs) face. This is a presentation by Dawn McGeachy, Member, IFAC SMP Committee.
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Implementing International Standards
- 1. Page 1 | Proprietary and Copyrighted Information Implementing International Standards Session 3 Dawn McGeachy, IFAC SMP Committee Member, IGTF Chair WB–IFAC Regional SMP Forum Vienna, May 31, 2017
- 2. Page 2 | Proprietary and Copyrighted Information Robust and regular input on key projects Meetings • SSB presentations at each SMPC meeting • SMPC representation at IAASB/ IESBA CAG meetings Comment Letters • Exposure Drafts and Consultation Papers - responses • Quarterly Agenda Papers Task Force Membership • SMPC members on the IAASB Quality Control and ISA 315 (Revised) Task Forces and AUP Working Group SMPC Input to Standards (IAASB & IESBA)
- 3. Page 3 | Proprietary and Copyrighted Information • Guide to Using ISAs in the Audits of SMEs • Update for 2017 - 4th Edition – Auditor Reporting – Disclosures – The Auditor’s Responsibilities Relating to Other Information – Using the Work Of Internal Auditors Tools, Guidance and Standard Support I
- 4. Page 4 | Proprietary and Copyrighted Information • Guide to Quality Control for SMPs • Helps SMPs apply ISQC 1 proportionately and efficiently. Includes guidance, case study, two sample QC manuals, and checklists • Reference, training, customize manuals and checklists Tools, Guidance and Standard Support II
- 5. Page 5 | Proprietary and Copyrighted Information Tools, Guidance and Standard Support III • Guide to Review Engagements • International Standard on Review Engagements (ISRE) 2400 (Revised) • Translation in progress in multiple languages • Published in Dec 2013
- 6. Page 6 | Proprietary and Copyrighted Information • Guide to Compilation Engagements • International Standard on Related Services (ISRS) 4410 (Revised) • Published September 2015 Tools, Guidance and Standard Support IV
- 7. Page 7 | Proprietary and Copyrighted Information Resources and Tools • Brochure – Choosing the Right Service: Comparing Audit, Review, Compilation and Agreed-Upon Procedures Services • Launched September 2016 Tools, Guidance and Standard Support V
- 8. Page 8 | Proprietary and Copyrighted Information • Work-in-Progress AUP Publication: – Agreed-Upon Procedures Engagements - A Growth and Value Opportunity • What is an AUP engagement • Benefits to Clients • Examples of financial and non-financial • Sample Report • Sample AUP engagements and procedures Tools, Guidance and Standard Support VI
- 9. Page 9 | Proprietary and Copyrighted Information IFAC Global Knowledge Gateway • Global Knowledge Gateway www.ifac.org/gateway • Original thought leadership, curated news & resources from around the world • Topics include audit & assurance, practice management, ethics & more
- 10. www.ifac.org
Notes de l'éditeur
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- One of the key activities is input to the Standard Setting Boards—providing regular and timely input to the international standard-setting process in order to help ensure the stability, relevance, and proportionality of international standards to SMEs/SMPs. The whole idea is to make (influence) the standards to be ‘adaptable’ by the SMPs IAASB IAASB Board Members presented at each of the SMPC meetings SMPC representative attended CAG Meetings Responses submitted this year on: Request for Input – Exploring the Growing use of Technology in the Audit with a Focus on Data Analytics Discussion Paper – Supporting Credibility & Trust in Emerging Forms of External Reporting Discussion Paper – Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards Comment letter in March Scalability and Proportionality, ISA 540 Auditing Accounting Estimates, ISA 315 (Revised), Quality Control. IESBA 3 Exposure Draft responses Safeguards and clarification of PAIB provisions to PAPPs and Structure (end of May) Comment letters submitted ahead in March on Structure of the Code, Safeguards, Long Association and Fees Initiative
- IFAC facilitates the sharing of tools and resources to help SMPs compete in the global marketplace. Guide to Using ISAs in the Audits of SMEs (ISA Guide) published in 2007. Third Edition published November 2011. It is intended to enable practitioners to develop a deeper understanding of an audit conducted in compliance with the ISAs through explanation and illustrative examples. The ISA Guide is organized into two volumes - Core Concepts (Volume 1) and Practical Guidance (Volume 2). It has been downloaded nearly 98,000 times. There are currently 20 translations completed and 8 in progress. A number of firms are also known to be using the Guides for training purposes and as the basis for firm manuals. IFAC published a Companion Manual on how member organizations can make best use of the Guide. In June 2016 the SMP Committee approved a project proposal to update the ISA Guide. The scope is limited to the completed IAASB projects since the third edition – Using the Work of Internal Auditors, The Auditors Responsibilities Relating to Other Information, Auditor Reporting and Disclosures. It is intended that the updated ISA Guide will be published in early 2017 as the new and revised Auditor Reporting Standards and changes from the Disclosures project will be effective for audits of financial statements for periods ending on or after December 15, 2016.
- It has been downloaded nearly 45,000 times. 26 translations have been completed or in progress.
- ISRE 2400 (Revised) was issued in September 2012 and comes into effect for periods ending on or after December 31, 2013. The standard addresses the practitioner’s responsibilities when engaged to perform a review of historical financial statements (when the practitioner is not the auditor of the entity) and the form and content of the practitioner’s report on the financial statements. The Guide to Review Engagements was published in December 2013 and provides non-authoritative guidance on applying ISRE 2400 (Revised). It is not to be used as a substitute for reading the standard, but rather as a supplement to support consistent implementation of the standard. It has been downloaded nearly 8,000 times. Guide to Review Engagements 1. Turkish, IN PROGRESS 2. Estonian 3. Bulgarian 4. Swedish, IN PROGRESS 5. Spanish, IN PROGRESS 6. Polish, IN PROGRESS 7. French
- The Guide addresses the responsibilities of a practitioner (who is not the entity’s auditor) when engaged to perform a compilation of general purpose historical financial statements prepared in compliance with an AFRF and in accordance with the International Standard on Related Services (ISRS) 4410 (Revised). ISRS 4410 came into effect for compilation engagement reports dated on or after July 1, 2013. It has been downloaded over 5,500 times.
- IFAC facilitates the sharing of tools and resources to help SMPs compete in the global marketplace. A new brochure on the financial reporting services provided by SMPs has been developed entitled Choosing the Right Service: Comparing Audit, Review, Compilation and Agreed-Upon Procedures Services. The brochure is intended to be co-branded with Member Organizations (a resource for MB to offer their members) and targeted at SMEs. The brochure outlines what each service financial reporting service is – Audit, Review, Compilation and AUP and highlights the benefits of each. SMPs can include their contact details on the front page. It has been downloaded over 700 times with a number of member organizations hosting a branded version on their website.
- An additional project is a publication on Agreed-Upon Procedures Engagements – to raise awareness of the range of services that can be undertaken under ISRS 4400. It includes the benefits, common types of AUP engagements and short case studies with example procedures. This will be finalized and published in 2017.
- In February 2014 IFAC launched the Global Knowledge Gateway, a platform designed to bring together news, views, resources, and thought leadership for the worldwide accountancy profession. The Gateway Global hub Content from IFAC, our member organizations, and other notable groups and individuals The result of a year-long project to answer the call to better leverage IFAC’s position as the global accountancy organization Designed to serve IFAC’s member organizations and the profession by sharing the valuable resources members produce with a broader, global audience of professional accountants Allows professionals to access resources from around the world (Eg., The 2016 Survey is located in the “Publication & Resources” section of the Gateway) learn about emerging areas of the profession stay connected to the most pressing accountancy issues and news of the day interact by exchanging views, making recommendations, and sharing information and resources. Ten topic areas: Business reporting Ethics Financial leadership & development Governance Performance and financial management Risk management & internal control Sustainability Audit & assurance Practice management Islamic Finance