IAASB Releases its Two year Work Plan to Enhance Audit Quality

The IAASB-International Auditing and Assurance Standards Board released its work plan for 2017-2018, after a public consultation with the stakeholders. The continuing importance and relevance of the IAASB’s strategic objectives was also re-affirmed with the release of another work plan by the IAASB in relation to its Strategy for 2015-2019.

The Work Plan of the IAASB is basically based on meeting and fulfilling the three strategic level objectives set in the IAASB’s five-year strategy plan. Following are those three objectives:

- Continued focus with regards to the International Standards on Auditing (ISAs) as these form the basis for the quality of audits;

- the relevance and importance of the IAASB’s standards in relation to other services so that the needs and requirements of the stakeholders can be addressed on timely basis; and

- The intention of the board in strengthening collaborations with others so that to address the matters that are of public interest and are also relevant with respect to the work of the Board.

The strategic objectives set by the IAASB basically help the board in enhancing and improving the audit quality. The purpose behind the objectives and the work plan is to further develop the auditing standards so that to improve the quality and also to increase the level of trust the people and businesses have with regards to the audit and the auditors.

Priorities set in the Work Plan:

The Work Plan prioritizes addressing some of the most important issues that are of public interest. The IAASB is also considering different ways on how to further align the approach and methods the firms use in performing audits and other assignments with the requirements set out by the IAASB’s international standards. The IAASB also realizes the importance of addressing the concerns and issues faced by small and medium-sized practices (SMPs), including considering how the ISAs can effectively be applied to the audits of the SMEs, and also the standards that support and provide guidance with respect to the other services provided by the SMPs.

The IAASB will publish a time-table with regards to the current projects on its website that will be updated on quarterly basis, so that to maintain the transparency with regards to the progression of the projects.