ISQM 1 strengthens firms’ systems of quality management through a robust, proactive and effective approach to quality management. The standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs. ISQM 1 applies to all firms that perform engagements under the IAASB’s international standards. ISQM 1 replaces ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements.
ISQM 2 deals with the appointment and eligibility of the engagement quality reviewer, and the engagement quality reviewer’s responsibilities relating to the performance and documentation of an engagement quality review. ISQM 2 applies to all engagements for which an engagement quality review is required to be performed in accordance with ISQM 1.
The outbreak of COVID-19 and the subsequent economic recession have required substantial and rapidly deployed government interventions across the world. IFAC and the MOSAIC Steering Committee partners are delighted to host the Building Resilient and Sustainable Economies Forum, which will be held online December 7 - 11, 2020.
What if we could see into the future? What if today we could know the events and forces that will shape our profession? What if we could design learning and development programs to not only prepare accountants for today’s challenges but also to anticipate tomorrow’s challenges?
Together with ICAEW, The International Federation of Accountants (IFAC) today released the third installment in its Anti-Money Laundering: The Basics educational series: Installment 3: Company Formation.
The publication is part of a 6-month short series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment three examines company formation, one of the services performed by professional accountants that is most susceptible to money laundering risk.
Anti-Money Laundering: The Basics is featured on both the IFAC and ICAEW websites and available for download for free. With installment three, IFAC is featuring the series on a new landing page alongside other relevant information on anti-money laundering (AML).
To be globally relevant, the Anti-Money Laundering: The Basics series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point.
For more information about IFAC, visit www.ifac.org.
This is the third installment of a 6-month publication series titled Anti-Money Laundering, The Basics.
The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.
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.
The IPSASB is an independent standard-setting body that serves the public interest by setting high-quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial reports. Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:
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 being in the process of transitioning to IPSAS or another accrual-based accounting framework.
Ministries of Finance and Treasury departments.
International and regional development organizations.
Public sector external auditors.
The Nominating Committee aims to maintain diversity on the IPSASB in terms of gender, regional, and professional background. For these reasons, nominations of qualified female candidates, and qualified candidates from the Africa–Middle East and Asia regions, as well as from jurisdictions where English is not the native language, are particularly encouraged.
All stakeholders, including the general public, governments, IFAC member organizations, and public sector auditors are invited to nominate candidates.
Deadline for submitting applications is January 31, 2021. Please see the Call for Nominations for more details and information on how to submit an application.
The IAASB recently approved the suite of new and revised quality management standards, which will be released following approval from the Public Interest Oversight Board of the due process later this year. The new and revised quality management standards will become effective on December 15, 2022.
The International Auditing and Assurance Standards Board (IAASB) Technology Working Group today released a new non-authoritative frequently asked questions publication on using automated tools and techniques in identifying and assessing risks of material misstatements in accordance with International Standard on Auditing 315 (Revised 2019), Identifying and Assessing Risks of Material Misstatement.
The publication assists auditors to understand the types of automated tools and techniques that can be used, and how they can be used, in performing risk assessment procedures. It also addresses considerations regarding the entity’s use of machine learning or artificial intelligence when performing risk assessment procedures.
This publication does not amend or override the International Standards on Auditing (ISAs), the texts of which alone are authoritative. Reading the publication is not a substitute for reading the ISAs.
