IESBA Releases Exposure Draft to Improve Independence Standard
Addressing stakeholder concerns about independence and ensuring threats caused by the long association of audit firm personnel with an audit client receive attention on audit engagements, the International Ethics Standards Board for Accountants (“IESBA”) has released Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client. Issued as an exposure draft for public comment, the IESBA’s proposal focuses on threats associated with familiarity and self-interest, which could occur from a long association with the audit client and fears of losing the client. Changes proposed to the Code of Ethics for Professional Accountants consist. Read More.
IIRC Releases Documents on Assurance and Integrated Reporting
Pursuing feedback on the role of assurance in integrated reporting, the International Integrated Reporting Council (“IIRC”) has released the discussion paper, Assurance on <IR>: An Introduction to the Discussion , and a companion document, Assurance on <IR>: An Exploration of Issues . While the discussion paper states the IIRC has no intentions of issuing assurance standards, it considers independent assurance important for integrated reports’ long-term credibility. Prepared by an Assurance Technical Collaboration Group, the assurance papers detail issues such as: What is assurance and how it can be successful in integrated reporting; Assurance benefits and challenges; Integrated thinking and the present corporate reporting system; Enhancing “investment grade” information quality; and Mechanisms that support the credibility. Read More.
AICPA Task Force Releases White Paper on Technology & Auditing
In its efforts to create a conceptual framework and guidance on how technology impacts internal and external reporting, the American Institute of Certified Public Accountants’ (“the Institute”) Assurance Services Executive Committee Emerging Assurance Technologies Task Force has released, Re-imagining Auditing in a Wired World. Published as a white paper document, the guidance offers insight on the future of reporting and auditing systems, as well as the benefits of technology related to auditing processes. For a copy of Re-imagining Auditing in a Wired World , visit the Institute’s website. Cherry Bekaert offers Assurance services that go beyond checking the boxes, and our Technology & Life Sciences industry. Read More.