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The report covers new and enhanced international standards issued by the IAASB, and draws attention to the IAASB’s new guidance material and implementation support. It also spotlights IAASB’s continual outreach activities, efforts to maintain strong platforms for dialogue with stakeholders, and to promote the adoption and effective implementation of the clarified ISAs.
“In 2011, the IAASB continued building on the clarified ISAs. It has explored many new and challenging auditing topics, from auditor reporting and financial statement disclosures, to new pronouncements on auditing financial instruments and using the work of internal audit functions. Our work has been propelled by the global financial crisis and the renewed importance of strong financial infrastructures to support financial stability”, said IAASB chairman, Prof Arnold Schilder. “Our efforts have also extended to new standards supporting other assurance and related services engagements, particularly those of relevance to practitioners serving the needs of smaller entities. I am pleased how proactive the board has been in helping to address a number of the important issues facing the profession and its many stakeholders today, while laying the foundation for further progress in the future”, added Schilder.
The annual report details over 100 outreach activities undertaken during 2011, including liaisons with regulators and investor groups whose input is critical to the future of auditing. It includes a report from Prof Linda de Beer, the chairman of the IAASB Consultative Advisory Group (CAG), which outlines the work of the CAG in providing input to the IAASB.