All About the International Auditing and Assurance Standards Board (IAASB)

Summary

This video script offers an in-depth exploration of the International Auditing and Assurance Standards Board (IAASB), discussing its role in setting global auditing standards to ensure quality and uniformity in the profession. It highlights the importance of IAASB in facilitating international and national standard convergence, enhancing public confidence, and increasing the comparability of financial statements worldwide. The script also covers the latest IAASB standards, its consultative advisory group, and ongoing projects, emphasizing the board's commitment to adapting to evolving industry needs.

Takeaways

• 📢 The channel aims to teach beyond academics and incorporate real-life aspects into the learning process.
• 🌐 The video discusses the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting body for auditing and assurance services.
• 📚 IAASB's purpose is to serve the public interest by setting high-quality international standards for auditing, quality control, review, and related services.
• 🔍 The channel provides an overview of IAASB, its history, and its role in facilitating the convergence of international and national auditing standards.
• 🌟 IAASB enhances equality and uniformity of practice in the global auditing and assurance profession, increasing public confidence.
• 📈 IAASB's standards make financial information more comparable across global stock exchanges, aiding in a more globalized approach to auditing.
• 📘 The latest IAASB standards are available in the 2021 Handbook, which includes International Standards on Auditing (ISA) and other relevant standards.
• 🗓️ Some standards mentioned in the handbook are not yet effective but are expected to come into effect on specific dates, such as ISA 315 effective from December 15, 2022.
• 📝 The video script clarifies that the information provided is in the public domain and is not an infringement of any copyright.
• 🔑 The IAASB has a Consultative Advisory Group (CAG) that provides advice on various areas including the IAASB's agenda and project timetable.
• 📢 The video encourages viewers to subscribe, like, share, and comment on the channel for feedback and further engagement.

Q & A

What is the purpose of the International Auditing and Assurance Standards Board (IAASB)?

The IAASB serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services.

Why is the IAASB important for professionals like Chartered Accountants (CA), Company Secretaries (CS), and Cost Accountants (CMA)?

The IAASB is important for these professionals because it sets the standards for auditing and assurance services, which are relevant to their roles, especially in the context of statutory auditing, internal auditing, and cost auditing.

What does the IAASB aim to achieve by setting international standards?

The IAASB aims to enhance the equality and uniformity of practice throughout the world, thereby increasing public confidence in the global auditing and assurance profession.

How does the IAASB facilitate the convergence of international and national auditing standards?

The IAASB facilitates convergence by setting international standards that can be adopted or aligned with by national standard-setting bodies, such as the Institute of Chartered Accountants of India (ICAI).

What is the significance of the IAASB's latest handbook published on December 2, 2022?

The latest handbook is significant as it includes updated international standards on auditing, quality control, review, and other assurance services, which are essential for professionals in the field to stay current with best practices.

What is the Consultative Advisory Group (CAG) of the IAASB, and what is its role?

The CAG is a formal mechanism of consultation for the IAASB, comprising representatives of member organizations. It provides advice on various areas including the IAASB's agenda, project timetable, and technical projects.

How can one access the latest standards and information from the IAASB?

The latest standards and information can be accessed through the IAASB's official website, iaasb.org, where all the documents are available in the public domain.

What is the current status of the IAASB's project on audits of less complex entities?

The project on audits of less complex entities is currently open for public comment, with an exposure draft already published and comments being considered.

What is the effective date for the new standard on quality management, ISQM 1?

The new standard on quality management, ISQM 1, became effective from December 15, 2022, and is applicable as of January 31, 2023.

How can one participate in the public consultation for less complex entity audits by the IAASB?

To participate in the public consultation, one can submit their comments through the IAASB's website by the requested deadline, which, as per the script, was May 2, 2023.

Is there a plan for future updates or revisions to the IAASB standards?

Yes, the IAASB continually works on updating and revising standards through various projects and consultations, which are detailed on their website under the 'Consultations and Projects' section.