and Work Program for 2009-2011*
New York
July 14, 2008
The International Auditing and Assurance Standards Board (IAASB), an
independent standard-setting board under the auspices of the International
Federation of Accountants (IFAC), today released its Strategy and Work
Program, 2009-2011. The three-year strategy includes an emphasis on the
development of standards that contribute to the effective operation of the
world's capital markets and that address the needs of small- and
medium-sized entities and small and medium practices.
The Strategy and Work Program, issued following consideration and approval
of its completeness from a public interest perspective by the Public
Interest Oversight Board (PIOB)*, is consistent with the IAASB's overall
objectives. ** It builds on the strong base of standards developed by the
IAASB to date and focuses on three areas:
- The development of standards;
- The facilitation and monitoring of adoption of those standards; and
- Responding to concerns about the implementation of the standards by
activities designed to improve the consistency with which they are applied
in practice.
"The IAASB's vision is that the high quality standards on assurance, related
services and, in particular, International Standards on Auditing that we
develop in the public interest are adopted and applied internationally. The
strategy and work program are consistent with this longer term vision,"
explains John Kellas, IAASB Chairman.
The Strategy and Work Program responds to significant developments in the
environment in which audit and other assurance services are performed, and
in which standards for such services are set. It also highlights the IAASB
role in working toward global acceptance of and convergence with its
standards and in establishing and maintaining relevant partnerships. It is
underpinned by the IAASB's communications initiatives to keep stakeholders
informed of its activities and to promote adoption and implementation of its
standards.
The Strategy and Work Program reflects the outcome of an extensive
consultation program to obtain the widest possible input into determining
the IAASB's priorities over the next three years. A summary of the IAASB's
conclusions with regard to significant matters raised during these
consultations is presented in the Basis for Conclusions: IAASB Strategy and
Work Program, 2009-2011.
"I am grateful to the many people and organizations that contributed to our
strategy review consultations. I hope that the direction of our work will be
seen as responding to the representations made to us, and to the public
interest, which must be our overriding concern. Of course, events and
circumstances may require us to amend our program, and for this reason it
will be kept under constant review," notes Kellas.
The Strategy and Work Program, 2009-2011 can be downloaded free-of-charge
from the IFAC online bookstore (http://www.ifac.org/store). To access the
related Basis for Conclusions and other information on the IAASB's work,
visit its home page at http://www.iaasb.org/.
*About IFAC*
IFAC is the global organization for the accountancy profession dedicated to
serving the public interest by strengthening the profession and contributing
to the development of strong international economies. IFAC is comprised of
157 members and associates in 123 countries and jurisdictions, representing
more than 2.5 million accountants in public practice, education, government
service, industry and commerce. In addition to setting international
auditing and assurance standards through the IAASB, IFAC, through its
independent standard-setting boards, sets ethics, education, and public
sector accounting standards. It also issues guidance to encourage high
quality performance by professional accountants in business.
*Notes to Editors*
* The PIOB was formally established in February 2005 to oversee IFAC's
auditing and assurance, ethics, and education standard-setting activities as
well as the IFAC Member Body Compliance Program. The objective of the PIOB
is to increase confidence of investors and others that such activities,
including the setting of standards by the IAASB, are properly responsive to
the public interest. PIOB members are nominated by international
institutions and regulatory bodies.
** The objective of the IAASB is: "To serve the public interest by setting,
independently and under its own authority, high quality standards dealing
with auditing, review, other assurance, quality control, and related
services, and by facilitating the convergence of national and international
standards." This objective contributes to enhanced quality and uniformity of
practice in these areas throughout the world and to strengthened public
confidence in financial reporting. The IAASB aims to achieve its objective
through the following strategic initiatives:
(a) Development of Standards - Establish high quality auditing, review,
other assurance, quality control, and related services standards.
(b) Global Acceptance, Convergence and Partnership - Promote the acceptance
and adoption of IAASB pronouncements throughout the world and support a
strong and cohesive international accountancy profession by coordinating
with IFAC member bodies, regional organizations, and national standard
setters to achieve the objective of the IAASB.
(c) Communication - Improve the quality and uniformity of auditing practices
and related services throughout the world by encouraging debate and
presenting papers on a variety of audit and assurance issues and increasing
the public image and awareness of the activities of the IAASB.
[Source: IFAC]
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Thanks & Regards
ABHASH KUMAR
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