This Invitation to Comment (ITC) sets out the IAASB’s indicative direction proposed for the future auditor’s report. It features a revised auditor’s report that illustrates the application of the IAASB’s suggested improvements to auditor reporting. The ITC also provides the IAASB’s rationale for the suggested improvements, together with a discussion of their potential value and impediments, and in what areas feedback is sought.

This Exposure Draft proposes changes to the definition of “engagement team” to make it clear that internal auditors providing direct assistance to an external auditor are not considered to be part of the audit engagement team under the IESBA Code of Ethics for Professional Accountants (the Code) and eliminate the perception that the Code and ISA 610, Using the W

The exposure draft seeks views from IFAC members and associates and other stakeholders in relation to the proposed revised Statements of Membership Obligations (SMOs) 1-7. The SMOs serve as a framework for credible and high quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

This memorandum provides background for, and an explanation of, the proposed changes to various paragraphs in the Code of Ethics for Professional Accountants (the IESBA Code) that address a breach of a requirement of the Code. The IESBA believes that any breach of a provision of the IESBA Code should be treated as a matter of utmost importance. Therefore, the IESBA has proposed changes that will provide guidance to a professional accountant on the action to be taken in such situations.

The Consultation Paper―Reporting Service Performance Information communicates and solicits feedback on (a) the preliminary views reached by the International Public Sector Accounting Standards Board (IPSASB), and (b) other specific matters related to the reporting of service performance information on which the IPSASB has not yet reached a preliminary view. It also highlights and analyzes existing approaches used by public sector entities around the world, where the reporting of service performance information is a feature of public sector financial management.

Exposure Draft 46, Recommended Practice Guideline, Reporting on the Long-Term Sustainability of a Public Sector Entity’s Finances provides users with information on the impact of decisions made by the reporting date under current policy, but not fully reflected in the general purpose financial statements.

The At a Glance publication summarizes the material in the Exposure Draft.

This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 5, Practical Experience Requirements, approved for exposure by the International Accounting Education Standards Board (IAESB) at its May 2011 meeting. 

The current version of IES 5 was published in May 2004 and became effective on January 1, 2005. IES 5 prescribes the practical experience IFAC member bodies should require their members to obtain before qualification as professional accountants. 

This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 1, Entry Requirements to Professional Accounting Education, approved for exposure by the International Accounting Education Standards Board (IAESB) at its May 2011 meeting. 

The current version of IES 1 was published in May 2004 and became effective on January 1, 2005. IES 1 prescribes the entry requirements for an IFAC member body's program of professional accounting education and practical experience.