05 June 2012

IAASB sets auditor reporting as top priority and highlights other relevant audit and assurance initiatives

The IAASB will focus on: supporting global financial stability; enhancing the role, relevance and quality of assurance and related services in today's evolving world; and facilitating adoption and implementation of the IAASB's standards over the next three years.

The IAASB released its 'Strategy and Work Programme, 2012–2014'. Developed through wide public consultation, it sets the direction and priorities for the IAASB’s activities over the next three years with a focus on global financial stability; role, relevance and quality of assurance and related services; and adoption and implementation of the ISAs.

“Our forward strategy is to build on the strong base of standards that has been developed to date, to address new assurance topics, and to further promote the benefits of the ISAs and our other international standards”, said Prof Arnold Schilder, IAASB chairman. “The IAASB is constantly challenged to respond to growing demands from a diverse range of stakeholders in a continuously changing international environment. The areas addressed in our strategy are those we have heard to be the most important in the public interest, in particular our work on auditor reporting.”

As the main priority for 2012–2014, the IAASB’s Strategy and Work Programme identifies the enhancement of auditor reporting standards, a topic that the IAASB will again deliberate intensively at its June 2012 meeting in Edinburgh. The strategy is in keeping with the IAASB’s commitment to continue work on a number of its key initiatives related to audit quality, disclosures, review engagements and assurance engagements, including assurance on greenhouse gas statements. In addition, the IAASB will continue to monitor the adoption and implementation of ISAs globally and focus on standards and initiatives relevant to small and medium-sized entities. It will also explore appropriate actions stemming from the global financial crisis relating to banking and fair values.

Press release

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