The Monitoring Group publishes its recommendations to strengthen the international audit and ethics standard-setting system
In July, the Monitoring Group published its recommendations to strengthen the international audit-related standard-setting. The recommendations are organised in the following four categories:
- accountability, public interest oversight and governance
- purpose, structure and process of standard-setting
The recommendations cover, for example, policy for appointments to and the composition of the different Boards, responsibilities for standard-setting, source and management of funding, and timeline for implementation.
New IAASB Discussion Paper on Fraud and Going Concern and related information gathering Roundtables
The International Auditing and Assurance Standards Board (IAASB) has issued its latest Discussion Paper which focuses on fraud and going concern. The IAASB aims to gather stakeholders’ views on whether the International Standards on Auditing (ISAs) related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape, and, if so, in what areas. Stakeholders can submit their comments by 12 January 2021.
The IAASB also started information gathering activities related to the topic of fraud and going concern. As part of these, a series of roundtables have been scheduled.
The first one on ‘Fraud in Digital Age’ was held on 2 September 2020. The next will be on 28 September 2020 to explore the ‘Expectation Gap’ related to fraud and going concern in the current environment. Accountancy Europe will participate to the third and last roundtable, scheduled for 7 October, where ‘Unique Aspects of Fraud in Audits of Less Complex Entities’ will be discussed.