INTERNATIONAL FEDERATION OF ACCOUNTANTS  E-NEWS (28/04/03)

2) 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.

8) 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 the meeting.

9) 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 year.
This report has been distributed to IFAC and IAASB stakeholders and can also be accessed through the IAASB home page.

10) 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.

11) 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 and commerce.
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.

Comments and questions should be directed to AuditingeNews@pop.ifac.org.