News and Publications

IFAC Comment Letter to the US SEC

IFAC Comment Letter to the US SEC

We applaud the Commission’s leadership in prompting this important conversation. IFAC supports including a broader range of information in corporate reporting so that organizations can communicate more effectively—and stakeholders can better understand—prospects for longer-term value creation. We believe that companies who adopt an “integrated mindset”—insight gained by management and those charged with governance from both…
ISQM 1 First-Time Implementation Guide

ISQM 1 First-Time Implementation Guide

This non-authoritative First-time Implementation Guide may help stakeholders understand the requirements of the International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, and implement the standard in the manner intended. Firms are required to have systems of quality…
ISQM 2 First-Time Implementation Guide

ISQM 2 First-Time Implementation Guide

This non-authoritative First-time Implementation Guide will help practitioners understand and implement the requirements of the International Standard on Quality Management (ISQM) 2, Engagement Quality Reviews. It will help practitioners and firms successfully plan and implement the standards by the effective date, December 15, 2022. It does not amend or override the International Standard on Quality…
2020 Financial Statements

2020 Financial Statements

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.
IESBA eNews 2021 Q2

IESBA eNews 2021 Q2

Feedback Statement: Auditor Reporting Post-Implementation Review

Feedback Statement: Auditor Reporting Post-Implementation Review

In 2015, the IAASB released new auditor reporting standards to enhance the communicative value, transparency and relevance of the auditor’s report in the public interest. Reflecting stakeholder input, the feedback statement makes it clear the standards, and the resulting auditor’s report, have broad support from stakeholders—and meet the IAASB’s objectives. It summarizes key themes and…
IFAC SMP Response to the IESBA PIE Exposure Draft

IFAC SMP Response to the IESBA PIE Exposure Draft

The IFAC SMP Advisory Group believes that the approach for a global PIE definition should be narrow, rather than broad. Otherwise the situation arises where PIEs at an international level are not PIEs under local legislation in several parts of the world and it leads to inconsistent practices. Whilst going beyond this may be necessary…
IFAC SMP Response to the IAASB QM Conforming Amendments Exposure Draft

IFAC SMP Response to the IAASB QM Conforming Amendments Exposure Draft

The SMPAG supports the IAASB Exposure Draft to make necessary conforming and consequential amendments to address inconsistencies between the IAASB’s Other Standards and Framework with the new and revised QM standards. It is concerned about the potential impact from some of the proposed changes, which are not strictly necessary to remove inconsistencies with ISQM 1…
Watch and Learn! CPA Australia's Webinar on Technology and Ethics

Watch and Learn! CPA Australia's Webinar on Technology and Ethics

Watch CPA Australia's May 18 webinar about IESBA's Technology Initiative, featuring Mr. Brian Friedrich (Chair of Technology Working Group) and Mr. Greg Driscoll (Member of IESBA’s Technology Task Force).  Click here. For more information about IESBA's Technology Initiative, click here.
IFAC SMP Committee Response to the IESBA: Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code

IFAC SMP Committee Response to the IESBA: Proposed Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code

The IFAC SMP Advisory Group believes that the approach for a global PIE definition should be narrow, rather than broad. Otherwise the situation arises where PIEs at an international level are not PIEs under local legislation in several parts of the world and it leads to inconsistent practices. Whilst going beyond this may be necessary…