In addition to the changes included in ISA 610 (Revised), ISA 610 (Revised 2013) now also includes requirements and guidance addressing the external auditor’s responsibilities if using internal auditors to provide direct assistance under the direction, supervision and review of the external auditor for purposes of the audit, where such assistance is not prohibited by law or regulation. The material in ISA 610 (Revised 2013) pertaining to direct assistance is effective for audits of financial statements for periods ending on or after December 15, 2014.

This final pronouncement reflects amendments to the IESBA's definition of “engagement team” in the Code of Ethics for Professional Accountants (the Code). The amendments clarify the relationship between an external auditor’s use of internal auditors to provide direct assistance on the external audit in accordance with the International Auditing and Assurance Standards Board (IAASB)’s International Standard on Auditing (ISA) 610 (Revised 2013), Using the Work of Internal Auditors, and the meaning of an engagement team under the Code.

IFAC recognizes the importance of high-quality auditing and acts to promote and enhance audit quality around the globe, including supporting the development, adoption, and implementation of high-quality, internationally accepted auditing and quality control standards, promoting the need for global regulatory convergence, and supporting the development of strong professional accountancy organizations and accountancy firms.

IFAC recognizes the important role that a well-functioning audit committee plays in governance, risk management, and internal control arrangements for a wide range of different entities. In particular, the outcomes of the global financial crisis, and the responses to it, have highlighted that appropriately structured and well-operated audit committees promote good governance and financial reporting practices within organizations, and improve the quality of reported financial (and potentially, non-financial) information.

Public Finance International (PFI) has published an in-depth interview with IFAC’s new CEO, Fayezul Choudhury, which discusses some of his goals as he takes the reins at IFAC and the landscape for public sector accounting.

Podcast: Meeting Highlights from the IESBA's March 11-13, 2013 meeting in New York.

00:21 Overview

3:34 Responding to a Suspected Illegal Act

6:32 Those Charged with Governance

8:24 Part C of the Code

11:05 Structure of the Code

13:26 Long Association

15:56 Non-Assurance Services

The 2013 edition includes ISA 610 (Revised 2013) and Conforming Amendments, and ISRE 2400 (Revised). This two-part handbook was last issued in 2012. Staff-prepared Basis for Conclusions documents for each of the pronouncements included in the handbook can be accessed here.

This Handbook contains the complete set of the International Public Sector Accounting Standards Board’s (IPSASB’s) pronouncements on public sector financial reporting. It also includes Chapters 1–4 of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities, which were approved in December 2012 and issued in January 2013.

Presentation given by Vincent Tophoff, IFAC senior technical manager, during the Institute of Chartered Accountants of Pakistan's CFO Conference 2013, CFO: Meeting Future Challenges! In his presentation, Mr. Tophoff discusses current trends and thinking in risk management and best practices.