IAASB Proposed Strategy for 2020-23 and Work Plan for 2020-21

The IAASB seeks public comment on its proposed Strategy for 2020–2023 and Work Plan for 2020–2021. In this Proposed Strategy for 2020–2023 and Work Plan for 2020–2021, the IAASB puts forth a way forward that it believes meets stakeholders’ evolving needs, and is the public interest. Enhancing our processes, including using technology and appropriate resourcing, are included in the strategy and are crucial to success. These enhancements will also maximize the impact of activities, thereby enabling more timely responses to global trends and needs. The Work Plan highlights the board’s commitment to completing significant projects currently underway, while balancing the needs of all stakeholders.

ACCA and CA ANZ joint response welcomes the opportunity to support the board by providing feedback to this consultation. We agree that the board has clearly defined and articulated the goals, objectives and keys to success that will underpin the effective achievement of this strategy for 2020-23. We are therefore pleased to be able to support the general direction of the board’s endeavours to achieve these outcomes.

However, in our view, this strategic period needs to be one of consolidation and implementation support, rather than of significant new directions. The changes arising from the board’s audit quality enhancement projects need ongoing post-implementation support and then review in this time period, in order to ensure they are achieving the desired outcomes (e.g. audit quality is actually improving).

To read in full, please download the consultation response.