Sue Almond, external affairs director at ACCA, says: 'It is clear that there are huge demands on the International Auditing and Assurance Standards Board’s (IAASB) resources and this has limited the vision of the strategic review.
'When we look at the projects in the work programme, we see a need to expand them, further stretching resources: updating the International Standard on Quality Control should address its usability for smaller practitioners; the project on professional scepticism is urgent but should not preclude a further work on related concepts; action on financial institutions must also solve the general issue of how industry-related matters are dealt with in standards.
'Nevertheless a sensible approach has been taken to develop a work programme that focusses on fewer topics. This approach has been successful recently in allowing new auditor reporting standards to be drafted. It should allow future urgent projects to be completed on a timely basis.'
'We regret that time cannot be found for matters identified by the ISA Implementation Monitoring project, particularly in relation to audits of group financial statements and identifying and assessing risks. We think there should be progress on IAASB's other standards and indeed in establishing the fundamental principles of audit and assurance. But, much of this has to be kept ticking along by the side of the urgent projects.
'This is an important period as the recent finalisation of EU audit reforms, the IAASB's Framework for Audit Quality and the impending changes to auditor reporting are changing the landscape. ACCA welcomed the opportunity to respond to this consultation, but the IAASB must now maintain momentum and involve as many other interested parties as possible to increase the resources available to it.'
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Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.