IAASB Sets New Strategy and Work Plan for Audit Quality
Last week, the IAASB‘s work plan for 2015-2016: Enhancing Audit Quality and Preparing for the Future and the strategy for 2015-2019: Fulfilling Our Public Interest Mandate in an Evolving World was announced. While remaining up-to-date of the new developments to make sure that its operations address the public interest matters relevant to all stakeholders; this release of work plan and the strategy indicates the dedication of the International Auditing and Assurance Standards Board (IAASB) to contribute to the continuing relevance of the audits of financial statements and enhance the public confidence in financial reporting.
IAASB’s five year strategy is based on three main objectives which will guide the Board’s work in these years. These are:
· An ongoing focus on the auditing standards (ISAs) as the basis for the best quality audits
· IAASB’s standards importance for related services looking after the rising shareholders’ needs
· Focus on improvement of the board’s collaboration with others to work in the best public interest
The IAASB Chairman Arnold Schilder said that the increasing application of the clarified auditing standards highlights the significance of the Board’s efforts towards meeting the stakeholders’ expectations and sustaining the quality of the audit standards. He added that consequently the Board’s strategy is focused on addressing the main audit related matters and the additional relevant developments as well.
The audit quality, including the professional skepticism, quality control, audit considerations related to the financial institutions and group audits; and the public interest issues are prioritized as the most important matters in the IAASB’s work plan.
The IAASB established that it is aware of the role which is performed by the other assurance and related services standards in meeting the requirements of the financial statements users with the progress in financial and integrated reporting.
Technical Director at IAASB, Kathleen Healy, said that the consideration regarding whether the non-audit services standards and the efforts of the Innovation Working Group address the small and medium enterprises’ (SMEs) requirements is precious in bringing into attention of the Board of the relevant stakeholders’ matters and also about the future activities on standards-setting and other activities.