The International Auditing and Assurance Standards Board has released its strategy through 2014, with the main goal of enhancing auditor reporting standards.
Other priorities in the IAASB’s Strategy and Work Program 2012–2014 include supporting global financial stability; enhancing the relevance and quality of assurance and related services in today’s world; and facilitating the adoption and implementation of the IAASB’s standards.
The IAASB, which operates under the auspices of the International Federation of Accountants, also plans to continue work on other key initiatives related to audit quality, disclosures, review engagements, and assurance engagements, including assurance on greenhouse gas statements.
In addition, the IAASB said it would continue to monitor the adoption and implementation of International Standards on Auditing globally and focus on standards and initiatives relevant to small and midsized entities. It will also explore appropriate actions stemming from the global financial crisis relating to banking and fair values.
“Our forward strategy is to build on the strong base of standards that has been developed to date, to address new assurance topics, and to further promote the benefits of the International Standards on Auditing (ISAs) and our other international standards,” said IAASB chairman Arnold Schilder. “The IAASB is constantly challenged to respond to growing demands from a diverse range of stakeholders in a continuously changing international environment. The areas addressed in our strategy are those we have heard to be the most important in the public interest, in particular our work on auditor reporting.”
The IAASB plans to hold a meeting later this month in Edinburgh, Scotland, in which it will consult further on these goals. For more information on the IAASB’s projects, visit the project pages on the IAASB’s Web site.
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