|1) Obtain Free Online
Access to IAASB Pronouncements
All IAASB pronouncements, including International Standards on Auditing
(ISAs), International Auditing Practice Statements (IAPSs), and studies
are available free of charge in an electronic format. You may access
them through the IFAC website by going to http://www.ifac.org/store/. Simple registration information is required the first time you
download a pronouncement. Thereafter, you need only to enter a password.
2003 Edition of IAASB Handbook of International Auditing, Assurance and
Ethics Pronouncements Now Available
The 2003 Handbook of International Auditing, Assurance and Ethics
Pronouncements contains all standards and practice statements issued by
the IAASB (and its predecessor, the International Auditing Practices
Committee) and the Code of Ethics for Professional Accountants as of
December 31, 2002 issued by IFAC's Ethics Committee.
The handbook is available in both print and online versions. The online
version is available through the IFAC online bookstore, mentioned above
(http://www.ifac.org/store/). The print version, which includes a CD-Rom, may be ordered through the
online store or by calling IFAC at 1-212-286-9344. The fee for the print
copy is US $100 plus shipping.
Discounts are available for students, academics, and individuals from
developing nations. Quantity discounts are also available. Visit the
bookstore for details.
Updates to the handbook can be accessed throughout the year from the
IFAC website at no charge.
3) IAASB Releases
Exposure Draft on Assurance Engagements
The IAASB has released an exposure draft (ED) that includes a proposed
International Framework for Assurance Engagements and a proposed
International Standard on Assurance Engagements (ISAE) 2000, Assurance
Engagements on Subject Matters Other Than Historical Financial
Information, which will replace IASE 100, Assurance Engagements, once
finalized. The proposed framework describes the elements of an
assurance engagement and identifies those engagements to which ISAs and
ISAEs apply. The proposed ISAE provides guidance to practitioners
for the performance of assurance
engagements on subject matters other than historical financial
information, which are covered by ISAs and where no specific ISAEs
exist. The ED can be accessed through the IFAC website by going to http://www.ifac.org/EDs/. Comments should be submitted so as to be received by June 30,
2003. Send to EDComments@ifac.org.
4) IAASB Releases new
Exposure Draft on Audits of Small Business
The IAASB is also inviting comments on a new ED entitled "The
Special Considerations in the Audit of Small Entities, Proposed
Amendment to International Auditing Practice Statement 1005."
Developed with the input of IFAC's Ethics Committee and Small and Medium
Practices (SMP) Task Force, this ED presents guidance on how audits of
the financial statements of small entities differ from audits of the
financial statements of other entities. Specifically, it revises the
current IAPS 1005 to take account of ISAs issued since March 1999
through March 2003. The IAASB agreed that new ISAs
issued subsequent to March 2003 would, whenever necessary, address SMP
considerations. Comments should be submitted so as to be received by
June 30, 2003. Send to EDComments@ifac.org.
5) IAASB Publishes
Final Practice Statement on Compliance with IFRSs
The IAASB has finalized IAPS 1014, Reporting by Auditors on Compliance
with International Financial Reporting Standards (IFRSs). This practice
statement provides guidance on the auditor's responsibilities when
management comments on the extent to which financial statements comply
with International Financial Reporting Standards (IFRSs), when there is
not full compliance. It supplements guidance provided in ISA 700,
The Auditor's Report on Financial Statements. The new practice statement
can be accessed through the IFAC website by going to http://www.ifac.org/store/.
6) IFAC Meets with
National Standard Setters
The IAASB hosted its third meeting with national standard setters in
January 2003 in Paris. Steps toward improving work processes between
IAASB and national standard setters were discussed. Participants
supported building closer relationships between the IAASB and national
standard setters and agreed to strengthen communications in this area.
7) Summary of March
IAASB Meeting Available to Public
A summary of the decisions made at the IAASB meeting held March 17-21
may be accessed through the IAASB home page by going to www.iaasb.org.
The summary reflects the current status of discussions on
projects. Complete project histories are also available on the
IAASB home page.
Next IAASB Meeting Schedule for May
The next IAASB meeting will be held May 11-13 at the American Institute
of CPAs in New York City. Individuals may sign up to observe the IAASB
meeting through the IAASB home page by going to www.iaasb.org. Due to security arrangements, the last date for registration will be
Monday, May 5, 2003.
Registrations submitted after that date will not be accepted. The agenda
and background papers may be accessed though the IAASB home page before
IAASB 2002 Annual Report Available
In February 2003, the IAASB published its first annual report covering
the activities, achievements and output of the IAASB for the 2002 fiscal
This report has been distributed to IFAC and IAASB stakeholders and can
also be accessed through the IAASB home page.
IAASB Action Plan Outlines Priorities for 2003-04
In January 2003, the IAASB Action Plan covering its planned activities
for years 2003 and 2004 was released. The Action Plan, developed
within the context of IFAC's overall strategy, focuses on three major
initiatives: development of standards; global acceptance;
convergence and partnership; and communications. The IAASB Action
Plan is subject to ongoing revisions and is provided to inform
interested parties of IAASB's planned activities and to seek their
input. It can be accessed through IAASB's home page.
IFAC Moves Offices
The International Federation of Accountants will be moving to new
headquarters within New York City. The new address, effective May 5,
2003 is: 545 Fifth Avenue, 14th Floor, New York, NY 10017.
IFAC's telephone number (+1-212-286-9344) and fax number
(+1-212-286-9570) remain the same.
IFAC is the worldwide organization for the accountancy profession.
Its mission is to develop and enhance the profession to enable it to
provide services of consistently high quality in the public
interest. Its current membership consists of 155 professional
accountancy bodies in 113 countries, representing more than two million
accountants in public practice, education, government service, industry
The IAASB's role is to improve auditing and assurance standards and the
quality and uniformity of practice throughout the world, thereby
strengthening public confidence in the global auditing profession and
serving the public interest.
and questions should be directed to AuditingeNews@pop.ifac.org.