News and Publications

2019 Handbook of International Public Sector Accounting Pronouncements

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This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2019. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities.
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IESBA Proposes Significant Revisions To the International Independence Standards Related to Non-Assurance Services

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The International Ethics Standards Board for Accountants® (IESBA®) has issued an Exposure Draft titled: Proposed Revisions to the Non-Assurance Services Provisions of the Code. The ED is aimed at strengthening the non-assurance services (NAS) related independence provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).  Among the key changes…
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Proposed Revisions to the Non-Assurance Services Provisions of the Code

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The proposed revisions to the non-assurance services provisions of the code include: A prohibition on providing NAS to an audit client that is a public interest entity (PIE) if a self-review threat to independence will be created; Further tightening of the circumstances in which materiality may be considered in determining the permissibility of a NAS;…
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Proposed Revisions to the Fee-related Provisions of the Code

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The proposed revisions to the fee-related provisions of the code include:   A prohibition on firms allowing the audit fee to be influenced by the provision of services other than audit to the audit client; In the case of PIEs, a requirement to cease to act as auditor if fee dependency on the audit client continues…
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ISA 540 (REVISED) IMPLEMENTATION SUPPORT: AUDIT CLIENT BRIEFING

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CONSIDERATIONS FOR MANAGEMENT WHEN DETERMINING ACCOUNTING ESTIMATES AND RELATED DISCLOSURES The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared an Audit Client Briefing (Briefing) based on the Canadian Auditing Standard (CAS) Audit Client Briefing of the Chartered Professional Accountants of Canada (CPA Canada), published in October 2019 and is used with…
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Audit Fees Survey: An Analysis of Audit Fees as a Percentage of Corporate Revenue

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Understanding the cost of audit is crucial to the ongoing global discussions about audit quality. The purpose of this analysis is to quantify audit fees as a percentage of corporate revenue in various North American and European jurisdiction from 2013 to 2018. This report breaks down audit fee data by population, jurisdiction, company size, market…
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ISA 315 (Revised 2019): Identifying and Assessing the Risks of Material Misstatement

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ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, has been revised to include a more robust and consistent risk identification and assessment. The revised standard sets out clarified and enhanced requirements, and enhanced application material, to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s…
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IAASB Feedback Statement and way forward – Audits of Less Complex Entities

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Recognizing the need to keep its stakeholders informed of its progress in relation to audits of Less Complex Entities (LCEs), the IAASB published a Feedback Statement that provides an overview of the key messages from the responses to the IAASB’s Discussion Paper (DP), Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges…
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IASB proposes new standard on general presentation and disclosures in financial statements

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The International Accounting Standards Board (IASB) has published the exposure draft of a new standard 'General Presentation and Disclosures' that is intended to replace IAS 1 'Presentation of Financial Statements'. Comments are requested by 30 June 2020.
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