IAASB September 2021 eNews 🍂🍁

IAASB September 2021 eNews 🍂🍁

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The Latest from our Projects

Opportunity to Comment on the IAASB’s Exposure Draft of the Stand-Alone Standard on Audits of Less Complex Entities
In July, the IAASB published an exposure draft of its new, stand-alone standard for audits of financial statements of less complex entities (LCEs). The release of the exposure draft is part of a broader effort to reduce complexity, improve understandability, and make International Standards on Auditing (ISAs) more scalable and proportionate to circumstances of audited entities. The proposed standard is a key milestone in establishing high-quality international auditing standards that are uniquely designed for LCEs.

The IAASB has published a number of documents to accompany the exposure draft on which the IAASB is also seeking stakeholders’ views, including Proposed Supplemental Guidance: Authority of the Standard and Proposed Supplemental Guidance: Auditor Reporting. Videos providing an overview of the new standard are available in English, French and Spanish.

The IAASB invites all interested stakeholders to provide feedback on the proposed standard by January 31, 2022. Stakeholders can submit responses through the “Submit Comment” button online. Translated versions of the exposure draft are  available in French, Spanish (Latin America) and Finnish.

The IAASB’s Exposure Draft of The Stand-Alone Standard on Audits of Less Complex Entities: Reaching out to our Stakeholders
The Proposed ISA for LCEs is a momentus milestone in the IAASB’s journey to respond to the needs of LCEs. Reaching all of our stakeholders is a key priority for us, as we seek to gather input and perspectives from our broad range of stakeholders on this important standard.

During the period that the exposure draft is open for comment, the IAASB will directly engage with many stakeholders to collect and encourage feedback, including through roundtables, presentations, and other related activities. For details of the planned outreach, please see our published outreach plan. The plan will continue to be updated as events and activities are added or confirmed.

In our efforts to build broad awareness of the exposure draft across all stakeholder communities, the IAASB will livestream a three-part discussion series on LinkedIn. The series will feature a range of speakers covering different topics relating to the new proposed standard. The first session, held on September 28th, 2021, addressed the journey to the proposed new standard, its key principles, how it compares to the existing suite of ISAs and why it is important for stakeholders. The second and third sessions will be at 8 am ET October 20th and November 17th. We invite all stakeholders to join. Please follow IAASB on LinkedIn for notifications.

Taking Action to Address the Complexity, Understandability, Scalability and Proportionality of the IAASB Standards
Over many years, the IAASB’s stakeholders have urged the IAASB to improve the drafting of the IAASB’s Standards to address the complexity, understandability, scalability, and proportionality of the standards. In response, the IAASB has developed Drafting Principles and Guidelines to guide how IAASB Staff draft the standards. The Drafting Principles and Guidelines will be used in developing new standards, or when revising standards as part of current or future projects. The Drafting Principles and Guidelines may be useful for national standard setters that adopt ISAs in their jurisdictions and for stakeholders engaged in translation of the IAASB Standards.

The IAASB is currently undertaking outreach with stakeholders to gather feedback on the Drafting Principles and Guidelines. If you are interested in providing feedback, please complete this short online survey.

ISQM 1 First Time Implementation Guide Reissued
The ISQM 1 First Time Implementation Guide has been updated and reissued to respond to various questions the IAASB received on the guidance on the evaluation of the firm’s system of quality management. The changes to the Guide provide additional clarification and context when evaluating the system of quality management.

For specific details on what has changed, please see our news alert, as it provides background on the reasons for the change, and clarifies which sections of the Guide have been affected by the change.

The updated version of the Guide is available for download from our website.


Get to Know More about the IAASB Fellowship Program

Angela Donnelly


Angela Donnelly is a Director at PwC’s National Quality Organization. Angela spent 18 months with the IAASB and recently returned to PwC. We asked Angela about her experience as a fellow at the IAASB.

What made you want to pursue a fellowship opportunity with the IAASB?
I was really drawn to the idea of gaining experience in another facet of the profession, building a global network, and assisting with the two important public interest topics of going concern and fraud.

How did this fellowship help you grow as a professional?
This fellowship helped me learn a lot from a technical standpoint and gave me a much better appreciation for the standard-setting process. It also gave me the opportunity to build an international network that I’ll be able to take with me and leverage in the future.

What would you tell someone who asked if they should pursue a fellowship opportunity with the IAASB?
A fellowship with the IAASB is an amazing opportunity to get outside your “normal” job and see the profession from a different angle, all while building invaluable relationships with professionals across the world.

What was your favorite part of working with the IAASB?
The people! The Staff and Board were so supportive and helpful in making sure I had a diverse and valuable experience.


Don’t Forget to Comment


Other Documents Recently Published


Coming Soon

  • A new experience: The IAASB Handbook goes digital (AVAILABLE SOON!)
  • ISA 220 (Revised) First-time Implementation Guide

For the IAASB’s response to the global COVID-19 pandemic, visit our dedicated webpage


The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.
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