The International Auditing and Assurance Standards Board (IAASB) has published its Work Plan for 2017–2018: Enhancing Audit Quality (Work Plan). The IAASB also released a Supplement to its Strategy for 2015–2019: Fulfilling Our Public Interest Mandate in an Evolving World (Strategy) and a Basis for Conclusions, The IAASB’s Work Plan for 2017–2018 and Continuing Relevance of Its Strategic Objectives (Basis for Conclusions).
The IAASB’s Strategy sets out three underlying strategic objectives that guide the Work Plan, as follows:
- Continued focus on International Standards on Auditing (ISAs) as the basis for high-quality audits
- The importance of the IAASB’s standards for other services to address emerging needs of stakeholders
- The intention to strengthen collaboration with others to address public interest matters relevant to its work.
In accordance with the strategic objectives, the Work Plan includes the following priorities:
- Completion of work that was in progress at the start of 2017
- New standard-setting projects to begin in 2017-2018
- Focus on the concerns of small- and medium-sized practices (SMPs), including considering how auditing standards can be effectively applied to audits of small- and medium-sized entities, and standards to support other services provided by SMPs
- Co-ordination with the International Ethics Standards Board for Accountants (IESBA) on IESBA standard-setting matters that may impact ISAs or other IAASB standards
- Consideration of how quality can be further embedded in the way that firms approach audits and other engagements under the IAASB’s International Standards.
In the interests of transparency, the IAASB will publish a timetable of current priorities, to be updated quarterly.
The Work Plan, Supplement, and Basis for Conclusions are available on this link.
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