In late July, the International Auditing and Assurance Standards Board (IAASB) opened a six-month public consultation on its landmark new proposed standard for audits of financial statements of less complex entities (LCEs).

While the IAASB encourages all interested stakeholders to respond to the consultation in writing, it recognizes that some may not have the time or resources to do so. To help, the International Federation of Accountants and the IAASB developed a survey to offer an alternative way to participate in the consultation and provide your views. The survey is open until January 14, 2022 and is available in English, French and Spanish by clicking the language selector in the survey’s top right corner.

Survey responses will be analyzed by the IAASB alongside all other feedback and help shape the final standard; individual survey responses are confidential.

IFAC’s Professional Accountants in Business (PAIB) Advisory Group has compiled insights on how accountants are contributing to value creation and sustainability in their organizations in both the private and public sectors in a new report, The Role of Accountants in Mainstreaming Sustainability.  

This report includes highlights from the PAIB Advisory Group’s October 2021 meeting, including: 

• Achieving sustainability and decarbonization under the stewardship of CFOs and accountants 
• Navigating potentially disruptive transitions by investing in technology, innovation, talent, and partnerships  
• Optimizing and capturing value for a range of stakeholders 
• PAIB perspective on digital assets and cryptocurrencies 

Sanjay Rughani, IFAC PAIB Advisory Group Chair says: “The need for CFOs and finance functions to contribute strategically as value partners is increasing to advance sustainability. By sharing our learnings as a profession, we can continue to elevate our focus and actions on higher value activities to support and empower professional accountants to take on more strategic roles.” 

Access the report and related case studies.  

The International Federation of Accountants (IFAC), the voice of the global accountancy profession, this week announced its new board members, and that it is maintaining a female-majority board for the third consecutive year in a row. Over the course of the past decade, IFAC is proud to have improved the gender balance on its key governing bodies.

The new and reappointed IFAC Board members and their nominating member organizations are:

New appointments:

• Gregory Anton (Association of International Certified Professional Accountants, USA)
• Tashia Batstone (Chartered Professional Accountants of Canada, Canada)
• Jeanine Poggiolini (South African Institute of Chartered Accountants, South Africa)

Reappointments:

• Lisa Padmore (Institute of Chartered Accountants of Barbados, Barbados)
• Margret Pétursdóttir (Nordic Federation of Public Accountants, Iceland)
• Dr. Jianhua Tang (Chinese Institute of Certified Public Accountants, China)
• Ayşe Arıak Tunaboylu (Union of Chambers of Certified Public Accountants of Turkey / Expert Accountants' Association of Turkey, Turkey)

New IFAC Member Organizations Admitted

In addition to the election of new Board members, the IFAC Council also approved new members and associate member organizations.

New IFAC Members:

• Institut Akuntan Publik Indonesia (IAPI) – Indonesia
• Vietnam Association of Certified Public Accountants (VACPA) – Vietnam

New Associates:

• United Arab Emirates Accountants and Auditors Association (UAE AAA) – United Arab Emirates
• Yemeni Association of Certified Public Accountants (YACPA) – Yemen

The new appointments, reappointments and membership decisions were approved at IFAC’s 2021 Council meeting, held virtually on November 10-11.

Join the IAASB for the final LinkedIn Live session discussing the recently proposed new standard for audits of less complex entities on November 17 at 8 am EST. The session will feature IAASB Member Julie Corden, LCE Reference Group Member Andrew Brathwaite, and IAASB LCE Task Force Member Brendan Murtagh discussing what the proposed new standard could mean for audit firms and practitioners that serve less complex entities, including the benefits of the standard and what firms, engagement partners and teams need to consider when deciding to use it.

The previous sessions in the series are available on LinkedIn and YouTube. The first session addressed the journey to the proposed new standard and its key principles (watch on LinkedIn or YouTube). The second session addressed for which entities the proposed standard can be used, who makes decisions regarding use of the standard, and how those decisions are made (watch on LinkedIn or YouTube).

The IAASB strongly encourages all interested stakeholders to provide their feedback on the proposed new standalone standard for audits of less complex entities by January 31, 2022. The standard is relevant to users of financial statements, owners, management, and those charged with governance of entities, preparers of financial statements, legislative or regulatory authorities, relevant local bodies with standard-setting authority, professional accountancy organizations, academics, regulators and audit oversight bodies, and auditors and audit firms, among others.

We are firmly in an age of disruption. No matter what the “new normal” looks like, it will not look that way for long.

To anticipate events—as a society and as a profession—we need to see them as the effects of simultaneous and dynamic trends. The climate crisis and digitalization are accelerating at the same time; the effects of each trend will influence the other, and in turn, shape and re-shape our lives, livelihoods, and environment. The same could be said of the COVID-19 pandemic, and the next public health emergency—and the one after that.

Six volunteers are being sought to serve as members on the International Public Sector Accounting Standards Board (IPSASB).  The Nominating Committee has issued a call for nominations looking for candidates to serve for an initial term of up to three years, commencing January 1, 2023.

“Volunteers with diverse backgrounds and skills are essential to the development of high-quality international standards, as well as the promotion of IPSAS adoption,” said Ian Carruthers, IPSASB Chair. “I strongly encourage our key stakeholders to consider applying and/or nominating candidates. Participation in the IPSASB’s work is a valuable experience for both the volunteer as well as being beneficial for the nominating and/or employing organization."

Nominations from a wide range of relevant backgrounds are sought, including, but not limited to:

• Users of general-purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies;
• Preparers of accrual-based financial statements, such those reporting directly or indirectly in accordance with IPSAS, or in the process of transitioning to IPSAS or another accrual-based accounting framework;
• Ministries of Finance and Treasury departments; and,
• Public sector external auditors.

Candidates will ideally have a public sector background and/or experience in standard setting to be able to contribute value to the work of the Board. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates.

Regional balance is important to ensure diverse input from a wide range of jurisdictions to the Board’s discussions. Nominations of qualified candidates from all regions of the world are encouraged and, particularly from the Africa–Middle East and Latin America regions. Nominations from jurisdictions where English is not the native language are particularly encouraged. .

For more details and information on how to submit an application, please see the Call for Nominations. 

Deadline for submitting applications is January 31, 2022.

The first fully digital International Auditing and Assurance Standards Board (IAASB) handbook of pronouncements is now live on a new web application, e-International Standards (eIS). The first iteration of the platform marks a milestone in the IAASB’s commitment to improving the usability of and access to its standards by harnessing technology. For the first time, users will be able to benefit from optimized search functions, cut and paste capabilities, and easy navigation.

“The launch of our digital standards platform responds to the demand for increased accessibility and is another step in pursuing our strategic objective of benefiting from technological innovation,” said IAASB Chair Tom Seidenstein. “Over time, we will continue to improve e-International Standards to account for user feedback and improve the usability of the platform and of the IAASB standards.”

eIS was launched by the International Federation of Accountants (IFAC) and developed collaboratively with IAASB, the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB). Designed to meet stakeholders’ needs, the platform allows for quick reference to other standard-setting boards’ standards and related resources, driving a strong connection between adherence to IAASB standards and the IESBA’s International Code of Ethics for Professional Accountants.

The platform is accessible via the IAASB website or at eis.international-standards.org.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.