IAASB Issues Revised Work Plan for the Remainder of 2021

The International Auditing and Assurance Standards Board (IAASB), after consultations with the Public Interest Oversight Board, has issued a revised plan for the remainder of the current year.

The IAASB has revised their work plan for the remainder of 2021 mainly to account for the impact of the ongoing pandemic both on the board’s operations and the stakeholders’ capability to implement new audit standards and participate in the board’s due process.

The fact is that IAASB is facing the issue of reduced plenary time due to virtual/ online plenary meetings throughout the remainder of 2021, the IAASB is primarily focusing on completing two significant documents that are of public interest - a proposed standard for Audits of Financial Statements of Less Complex Entities for public consultation (expected after the IAASB meeting to be held in June 2021) and the finalization of ISA 600 (Revised) on Group Audits (expected after the IAASB meeting to be held in December 2021).

The IAASB has planned to discuss proposals related with Fraud and Going Concern in September 2021 and March 2022 respectively. However, the board has no plans for issuing exposure drafts (EDs) on these topics until the first half of the year 2023. The shift in dates of the project proposals should not significantly impact the timelines for the two projects mentioned above. The revised plan also includes an ED for ISA 500 (Audit Evidence) in the month of September of the year 2022.