IAASB April 2022 eNews 🌼🌷

IAASB April 2022 eNews 🌼🌷

Having trouble viewing this email? View the online version here.

Facebook Twitter LinkedIn Email Addthis

Welcome to the IAASB eNews. We appreciate your thoughts and encourage readers to send us feedback.

Follow @IAASB_News Follow @IAASB_News

IAASB Online IAASB Online

Contact Us Contact Us

Subscribe Subscribe

IAASB LinkedIn IAASB LinkedIn



The Latest from our Projects

IAASB Issues Revised Group Audits Standard

The IAASB has just released its revised standard for group audits (ISA 600 (Revised)). The revised standard becomes effective for audits of group financial statements for periods beginning on or after December 15, 2023.

The changes to ISA 600 (Revised) include a robust risk-based approach to planning and performing a group audit. The approach focuses the group auditor’s attention and work effort on identifying and assessing the risks of material misstatement of the group financial statements and designing and performing further audit procedures to respond to those assessed risks. It also recognizes that component auditors can be, and often are, involved in all phases of the group audit. The revised standard promotes a clear, proactive and scalable approach for group audits that can be applied to today’s evolving group audit structures. 

A Basis for Conclusions and Factsheet are also available to provide background to the changes and a high-level overview of the revised standard.

Quality Management: Additional Guidance and Conforming Amendments to the IAASB’s Other Standards
The IAASB recently released the First-time Implementation Guide for ISA 220 (Revised), Quality Management for an Audit of Financial Statements (the Guide). This completes the suite of first-time implementation guides for the new and revised quality management standards, all of which are available on the IAASB’s Quality Management webpage. Key features of the First-time Implementation Guide for ISA 220 (Revised) include an explanation of the link between ISA 220 (Revised) and the other quality management standards.

The IAASB has also released the conforming and consequential amendments to the IAASB’s other standards resulting from the new and revised quality management standards. The amendments cover the IAASB’s standards for review engagements (ISREs), other assurance (ISAEs) and related services (ISRSs). The conforming amendments to the ISAs were issued alongside the release of the quality management standards in December 2020.

The suite of quality management standards come into effect on December 15, 2022.

IAASB Disruptive Technology Initiative: Recent Activities
The IAASB Disruptive Technology initiative is focused on ensuring that the IAASB keeps pace with, and is prepared to adapt to, disruptive technologies.

In February 2022, a second IAASB Disruptive Technologies roundtable was held with the theme of “The Future Audit: Optimized by Data Access, Automation and AI.” It was attended by representatives from national standard setters, regulators, professional organizations, preparers, public accounting firms and IAASB Board members. A summary is available on the IAASB website: Disruptive Technologies Roundtable Summary.

Want to Stay Up to Date with Digital Technology Trends?
The IAASB’s bi-monthly digital technology bulletin provides a high-level market scan of the latest technology trends, and industry and startup driven innovation in audit and assurance.
To subscribe to the bulletins, add or update your subscription hit the “Subscribe” button at the top of this newsletter
The bulletins issued so far are:


Get to Know the IAASB Board

Fernando Ruiz Monroy (IAASB Member)
Fernando is a practitioner and the Regional Assurance Risk Management Partner at Ernst & Young and he has more than 24 years’ experience in audit services. Fernando was appointed to the IAASB Board by the CPA Mexican Institute of Public Accountants. Fernando is currently the Chair of the IAASB’s Technology Consultation Group.

What do you think will be the biggest change or disruption for the IAASB in the next 3 years, specifically from the perspective of the IAASB’s Technology Consultation Group (previously the Technology Working Group)?

No doubt we are seeing many changes in terms of technology in the audit field around the world. I recognize that audit firms, regions and countries are adapting depending on their specific needs or situations because not everyone is moving at the same pace. The challenge for us, as a global standard setting board, is to balance what we can incorporate into the ISAs regarding technology, because our standards need to be usable and helpful for our stakeholders. Also, we need to keep in mind that technology changes every day and we do not want to add content that becomes obsolete in a short period of time.

For the next 3 years, the IAASB will be working on revising very important standards, such as fraud, going concern and audit evidence. This is a good opportunity to enhance the standards to address technology, without creating requirements that cause unnecessary work effort. We need to think of technology as a way of assisting auditors to maintain both quality and efficiency.


Don’t Forget to Comment

  • No open consultations at present  


Other Documents Recently Published


Coming Soon

  • Support materials for implementing ISA 315 (Revised 2019)
  • Technology FAQ: Planning Materiality & Addressing Exceptions
  • ISA 220 (Revised) Fact Sheet: Definition of Engagement Team
  • Guidance: Using Extant ISA 600 with ISA 220 (Revised)
  • Fraud Non-authoritative Guidance

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.
Copyright © 2022, All rights reserved.

Our mailing address is:
International Auditing and Assurance Standards Board
529 5th Avenue
New York, NY 10017

update subscription preferences 
To unsubscribe wordpressautopost@waltersam.at from all IFAC communications click here.