No Dead end for Auditing Standards
According to Sue Almond, director of external affairs, ACCA: in recent days, it is clear that the demand of International Auditing and Assurance Standard Board’s (IAASB) resources and the shocking factor is – lacking in the resources cause limited vision of the strategic review. She also added, ACCA looks at the work program and need to expand them, maintaining the international standards on quality control redirects for smaller practitioners. Additionally, the financial actions and industry related issues need to be resolved with standards.
However, it is important to take a sensible approach to develop a work program that concentrates on fewer topics. This approach works perfectly in recent days by allowing new auditor reporting standards to be drafted. The new approach must allow completing the urgent projects in a timely manner.
She also mentioned that the time can’t be used as a key factor by ISA implementation monitoring project, especially in relation to the audit of group financial statements and risk assessments. ACCA thinks that there should be some progress in IAASB’s other standards and should establish the fundamental principals of the audit and asurance. But most of them to be maintained all along for the urgent projects.
She finally added: this is the crucial time when the recent European Union (EU) reforms in auditing have taken place. She mentioned the IAASB’s framework for audit quality and its related changes can completely reform the auditing scenario. ACCA appreciates the opportunity to respond to this consultation. But it is equally important that the IAASB must maintain the flow and involve other interested parties to increase the availability of the resources.