News and Publications

Final Pronouncement: Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code

Final Pronouncement: Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code

The revised provisions include an expanded definition of “public interest entity” (PIE) in the Code by specifying a broader list of PIE categories, including a new category “publicly traded entity” to replace the category “listed entity.” The revised provisions also recognize the essential role local bodies responsible for the adoption of the Code play in…
Final Pronouncement: Quality Management-related Conforming Amendments to the Code

Final Pronouncement: Quality Management-related Conforming Amendments to the Code

In December 2020, the International Auditing and Assurance Standards Board (IAASB) issued its suite of quality management standards (ISQM 1, ISQM 2, and ISA 220 (Revised)). As a result of the finalization of those standards, the IESBA considered it is necessary to make certain conforming amendments to the Code.    These conforming amendments will be…
International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)

International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)

ISA 600 (Revised) deals with special considerations that apply to a group audit, including when component auditors are involved. The standard includes new and revised requirements and application material that better aligns the standard with recently revised standards, such as International Standard on Quality Management 1 and International Standards on Auditing 220 (Revised) and ISA…
IAASB Work Plan for 2022-2023

IAASB Work Plan for 2022-2023

The IAASB 2022-2023 Work Plan is guided by the three underlying strategic objectives as set out in the IAASB Strategy for 2020-2023. Sustainability and environmental, social, and governance (ESG) assurance are a prominent addition to the new work plan and will see increased time and resourcing for 2022–2023. The new Work Plan also highlights candidate…
Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool

Auditing Accounting Estimates: ISA 540 (Revised) Implementation Tool

This implementation tool contains “what”, “why” and “how” suggestions. These are not all-encompassing and more or different considerations may apply depending on the circumstances of the engagement. For entities of all types and sizes, management has to make accounting estimates, which have estimation uncertainty and may also be complex. Making these estimates involves selecting and…
Exposure Draft (ED) 82, Retirement Benefit Plans

Exposure Draft (ED) 82, Retirement Benefit Plans

The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 82, Retirement Benefit Plans. The objective of this ED is to propose the accounting, presentation, and disclosure requirements for the financial statements of a retirement benefit plan. This should increase the transparency and accountability of public sector entities regarding obligations owed to public…
Anti-Money Laundering, The Basics, Installment 8 – Crime Trends

Anti-Money Laundering, The Basics, Installment 8 – Crime Trends

This is the eighth installment in the Anti-Money Laundering, The Basics series. 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 series uses the risk-based…
2021 Financial Statements

2021 Financial Statements

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.
Disruptive Technologies Roundtable Summary

Disruptive Technologies Roundtable Summary

IAASB’s second disruptive technologies roundtable was held in February 2022. The roundtable was part of the IAASB’s ongoing exploration of disruptive technologies. These technologies already affect the audit and assurance profession with potential for even greater affects in the future. This second roundtable build on the discussions at the first disruptive technologies roundtable in November…
Exploring the IESBA Code, A Focus on Technology – Artificial Intelligence

Exploring the IESBA Code, A Focus on Technology – Artificial Intelligence

This Exploring the IESBA Code installment focuses on technology and specifically Artifical Intelligence.  To view all installments of Exploring the IESBA Code, visit the series landing page here. For more information about the Code, click here.