Accountancy Europe has responded to the IAASB’s proposed strategy for 2020-2023 and work plan for 2020-2021. Accountancy Europe broadly supports the proposed strategy and focus, and the strategic actions for 2020-2023. Nevertheless, it has concerns on the deadlines announced that seem unrealistic.
Accountancy Europe suggests reviewing the deadline proposed considering a ‘worst case scenario’. For example, for such as important standard as ISA 315, sufficient time should be dedicated to address the issues raised by stakeholders in the consultation period.
Additionally, theme C should be given more prominence. This theme reflects one of the main strategic issues that the IAASB is currently facing. Accountancy Europe thinks that addressing it is vital for the public interest. If the IAASB fails to find a solution, it will threaten global adoption and proper application of international standards, and potentially endanger the IAASB’s aims of enhancing audit quality.
Finally, Accountancy Europe is all aware about the current Monitoring Group project which objective is to reform the independent standard-setting boards operating under the auspices of IFAC. This project is not mentioned in the IAASB proposed strategy and work plan as it is outside the IAASB’s remit and should not refrain the IAASB from advancing its standard-setting activities. Nevertheless, should this reform go through, a significant impact on the IAASB workload should be expected. This is why we think that the currently debated Monitoring Group project should be mentioned as an external factor to inform all stakeholders about it.
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