Standard Setting Highlights

Transcription

1 Standard Setting Highlights INTOSAI PSC-SC June 2017 James Gunn, Managing Director Professional Standards

2 Common Themes Across the SSBs Strategies: Impactful, Public Interest-Focused, and Future-Oriented Standards: Globally Relevant, Progressive and Durable; Responsive to Needs and Operable Stakeholders: Deep and Intense Dialogues, including with Regulatory and User Communities Work Programs: At-capacity; Balancing Speed and Quality; Coordination on Mutual Interest Topics Major New Standards: Supporting Adoption and Proper Intended Application

3 Audit, Assurance and Related Services Page 3 Proprietary and Copyrighted Information

4 Activity Highlights NOCLAR Considering Laws and Regulations in an Audit Auditor Reporting Special Considerations, and Implementation Support Estimates, Quality Control, Risk Assessment, Group Audits Outreach and Scoping Skepticism IAASB, IESBA, IAESB Working Group Exposure Drafts Publication & IAASB-specific initiatives

5 Addressing Fundamental Elements of the Audit High-Quality Audits in a Changing Business Environment Influenced by Technology, Complexity, and Demands for Continued Relevance Quality Control at the Engagement Level (ISA 220) Risk Identification and Assessment (ISA 315) Auditing Accounting Estimates, Including Fair Values (ISA 540) Group Audits (ISA 600) Strengthening the Application of Professional Skepticism Enhancing Firms Systems of Quality Control (ISQC 1)

6 Exploring Implications of the Changing Environment Technology and the Audit, with focus on Data Analytics Emerging Forms of External Reporting, including <IR> Agreed-Upon Procedures Engagements, and further exploring SME-SMP Needs

7 Ethics Page 7 Proprietary and Copyrighted Information

8 Achieving a Significantly Upgraded Code NOCLAR Non-Compliance with Laws and Regulations Long Association with Audit Clients Safeguards, including Non-Assurance Services Finalize Structure and Clarity of Code Skepticism IAASB, IESBA, IAESB Working Group IESBA-specific initiatives

9 Exploring Implications of the Changing Environment The Code and the G20 Studying and documenting key differences Inspection Findings Stimulating improved data sharing Fees-Related Issues Literature review and fact-finding

10 Future IESBA Strategy and Work Plan Survey released April 2017 (until 18 July) on the Code for Rapidly Changing World Exponential, disruptive technology (e.g. Emergent AI, big data, cloud computing, mobile, social networks, blockchain) Emerging or newer models of work and service delivery (e.g. contingent workforce; managed and outsourced services) Ethical implications for the Code? Strengthening foundational & technical areas (e.g. Public interest & other key concepts and terms, documentation & communication, ISA/ISAE alignment)

11 Education and Professional Competence Page 11 Proprietary and Copyrighted Information

12 Activity Highlights Framework Update and IES Drafting Changes Support Materials: Learning Outcomes, Entry Requirements, Professional Competence for Audit Engagement Partners IES Usage Baseline Study Continuing Professional Development (CPD) Outreach and Scoping Skepticism IAASB, IESBA, IAESB Working Group Exposure Draft IAESB-specific initiatives

13 Strategy Focus on Standards Development Continuing Professional Development (CPD) (Revision of IES 7) Professional Skepticism Assessment of skills & education needs (i) information and communication technology (ii) developments in public sector Post-Implementation Review of IES Suite Strategic Stakeholder Engagement Further IES Implementation Support

14 Financial Reporting in the Public Sector Page 14 Proprietary and Copyrighted Information

15 Enhancing IPSAS Relevance Project Social Benefits Revenue & Non-Exchange Expenditure Financial Instruments Heritage Public Sector Measurement Infrastructure Assets Leases Cash Basis IPSAS (limited-scope update) Public sector specific IFRS convergence

16 Activity Highlights Terms of Reference, Due Process & Working Procedures, CAG Terms of Reference Inaugural CAG and Public Sector Standard Setters Forum meetings Public Sector Combinations, IPSAS Applicability, Updated Employee Benefits, Impairments Social Benefits, Financial Instruments, Leases, Cash Basis Revenues/Non-Exchange Expenses, Financial Instruments, Heritage, Infrastructure, Measurement Continuation Final IPSASs Exposure Drafts & Consultations

17 Exploring Opportunities European Public Sector Accounting Standards (EPSAS) Active monitoring and engagement Growth in IPSAS Adoption Latin America, SE Asia, Africa, Canada (under review), Australia (?)

18 Delivering the Vision: New IPSASB Strategy and Work Plan Stakeholder outreach 2017 Public consultation 2018 CAG input PIC advice Strategy and Work Plan

19 The SSB Staff Team