News and Publications

Non-Authoritative Support Materials: Using Automated Tools & Techniques in Performing Audit Procedures

Non-Authoritative Support Materials: Using Automated Tools & Techniques in Performing Audit Procedures

The publication assists auditors in understanding whether a procedure involving automated tools and techniques may be both a risk assessment procedure and a further audit procedure. It also provides specific considerations when using automated tools and techniques in performing substantive analytical procedures in accordance with International Standard on Auditing 520, Analytical Procedures.  This publication does…
Anti-Money Laundering, The Basics: Installment 1 – Introduction to Anti-Money Laundering for Professional Accountants

Anti-Money Laundering, The Basics: Installment 1 – Introduction to Anti-Money Laundering for Professional Accountants

This is the first 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.  To be globally relevant, the…

Self-Assessment Against Main Requirements of International Education Standards

All IFAC member organizations are required to adopt and implement the International Education Standards, or support their adoption and implementation. This IES self-assessment checklist will help professional accountancy organizations: Facilitate a high-level assessment of the educational requirements for professional accountants in their jurisdictions against the IESs, with a view to further develop roadmaps for IES…

Fraud and Going Concern in an Audit of Financial Statements

The IAASB is seeking perspectives from all of its stakeholders across the financial reporting ecosystem on whether the International Standards on Auditing (ISAs) related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape, and, if so, in what areas. This Discussion Paper sets out the issues and…

Enhancing Corporate Reporting: The Way Forward

IFAC calls for the creation of a new sustainability standards board that would exist alongside the International Accounting Standards Board under the auspices of the IFRS Foundation. The proposed board would address the urgent and growing demand from investors, policy makers and regulators for a reporting system that delivers consistent, reliable, adaptable and assurable information…

ISA 540 (REVISED) IMPLEMENTATION: ILLUSTRATIVE EXAMPLES FOR AUDITING EXPECTED CREDIT LOSS ACCOUNTING ESTIMATES

The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared illustrative examples for auditing expected credit loss (ECL) accounting estimates. The examples illustrate how an auditor could address certain requirements of ISA 540 (Revised), and have been developed to assist the auditor in understanding how ISA 540 (Revised) may be applied to:…

Proposed ISA 600 Webinar: Group Audits

Listen to the recording of the second webinar on the Exposure Draft of Proposed ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors), which was held on August 13, 2020. This 90-minute webinar covers questions on the Exposure Draft submitted by participants and answered by members of the ISA…

Exposure Draft 73, COVID-19: Deferral of Effective Dates

The IPSASB has published Exposure Draft 73, Covid-19: Deferral of Effective Dates, which proposes to delay the effective dates of recently published Standards and Amendments to IPSAS by one year to January 1, 2023.