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16 April 2010

IAASB 2009 annual report highlights implementation and assurance developments


The report highlights the completion of the landmark Clarity Project surrounding the IAASB's International Standards on Auditing (ISAs), the development of adoption and implementation resources for the ISAs, and the launch of innovative new projects to address emerging issues.

The International Auditing and Assurance Standards Board (IAASB) released its 2009 annual report. The report highlights the completion of the landmark Clarity Project surrounding the IAASB's International Standards on Auditing (ISAs), the development of adoption and implementation resources for the ISAs, and the launch of innovative new projects to address emerging issues.

"During a period of great financial instability and uncertainty, auditors and assurance practitioners faced significant challenges. By seeking public input, responding to emerging needs, and supporting the implementation of global standards, the work of the IAASB continued to contribute to the restoration and maintenance of public confidence in information used for decision making," said IAASB Chairman Arnold Schilder. "This has required diligent adherence by the IAASB to its public interest mandate, which is now entrenched in how the IAASB operates."

This first year of the IAASB's 2009-2011 strategy and work program saw the IAASB produce a range of tools and resources to assist auditors in implementing the now-effective suite of Clarified ISAs. Recognizing the significant demand from auditors and preparers for additional guidance in light of the financial crisis, this work program included a project to develop guidance on auditing complex financial instruments. The year 2009 also marked an important transition to new projects to address a wide range of information needs, such as greenhouse gas emissions, pro forma financial information included in prospectuses, controls at service organizations, and XBRL. The board's standard-setting efforts to address the needs of small- and medium-sized entities, and those who provide services to them, were also progressed in 2009 with the initial steps to update and revise the IAASB's standards addressing review and compilation engagements.

Incorporating public input is essential to ensuring that the IAASB has insights to the different perspectives of international regulators and organizations, national auditing standard setters, practitioners, academia, and other stakeholders. Its commitment to active engagement with stakeholders is reflected in the various outreach activities described in the report that the IAASB participated in during 2009.

The annual report includes a report from the Chairman of the IAASB Consultative Advisory Group on the work of the group in providing input to the IAASB. The IAASB also continues to receive oversight from the Public Interest Oversight Board.

The report notes some of the issues the IAASB will address in the coming years, including those arising from today's global economic crisis. To further inform its work program, the IAASB has released an online questionnaire and invites comment on where the IAASB should focus its efforts during 2012-2014.


© IAASB - International Auditing and Assurance Standards Board

Documents associated with this article
2009_IAASB_Annual_Report.pdf

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