http://www.ifac.org/publications-resources/2018-handbook-international-quality-control-auditing-review-other-assurance?fbclid=IwAR1PgJOBepVzcfnJT8Pvn8YhLCPgSf0F_2bMEsMiPRxejR-NCJ69piwAEw8

Hand Book of International Quality Control, Auditing, Review, Other Assurance and Related services Pronouncements from International Audit and Assurance Board (IAASB)

http://www.ifac.org/publications-resources/2016-2017-handbook-international-quality-control-auditing-review-other

Handbook of the Code of Ethics for Professional Accountants from International Ethics standards Board for Accountants (IESBA)

http://www.ethicsboard.org/iesba-code

Professional Skepticism – Meeting Public Expectations

To access the Consultation Paper, please visit

https://www.ifac.org/publications-resources/global-ethics-board-consults-professional-skepticism

GLOBAL CONSULTATION ON QUALITY MANAGEMENT FOR FIRMS AND ENGAGEMENTS

IAASB has issued four exposure drafts on ISQC1 ,ISQC2,ISA220 and overall explanatory memorandum. The proposals focused on various enhancements to engagement quality reviews in order to ensure that engagement quality reviews continue to be robust and effectively support high-quality audits and other engagements. The exposure drafts bring important changes to the way professional accountancy firms are expected to manage quality—for audits, reviews, and other assurance and related services engagements.
The proposed standards include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality. The new approach improves the scalability of the standards because it promotes a system tailored to the nature and circumstances of the firm and its engagements.

The IAASB proposals are intended to improve engagement quality through:

  • Modernizing the standards for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers;
  • Increasing firm leadership responsibilities and accountability, and improving firm governance;
  • More rigorous monitoring of quality management systems and remediating deficiencies;
  • Enhancing the engagement partner’s responsibility for audit engagement leadership and audit quality; and
  • Addressing the robustness of engagement quality reviews, including engagement selection, documentation, and performance.

Given the significance of the changes and the need for firms to adjust how they manage quality, the IAASB has also developed draft guidance and tools, such as examples and frequently asked questions. These materials will help firms understand the proposals, including how to apply them in different circumstances.

 You can access the documents directly from www.iaasb.org or you can follow the following links for each of them.

  • Overall Explanatory Memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews

http://www.ifac.org/publications-resources/iaasb-s-exposure-drafts-quality-management-firm-and-engagement-level

  • Proposed International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (previously ISQC 1)

http://www.ifac.org/publications-resources/exposure-draft-international-standard-quality-management-1-quality-managementhttp://www.ifac.org/publications-resources/exposure-draft-international-standard-quality-management-1-quality-management

  • Proposed International Standard on Quality Management 2, Engagement Quality Reviews

http://www.ifac.org/publications-resources/exposure-draft-international-standard-quality-management-2-engagement-quality

The International Auditing and Assurance Standards Board (IAASB) seeks public comment by July 1, 2019.It asked respondents to respond separately to each of the exposure drafts.

Accounting and Auditing Board of Ethiopia (AABE) strongly encourage you to read the exposure draft and provide your comments on the proposals. This is an opportunity to participate on the standard setting process which is to be adopted in Ethiopia.
You can  send comments directly to the IAASB, by July 1,2019 . AABE would appreciate receiving a copy of your comment in Microsoft word format if electronically.

You can also send your comments – both formal and informal – by: June 15, 2019 to AABE’s address as follows:
Postal address:
Audit and Assurance  Standards Directorate
Accounting and Auditing Board of Ethiopia
P.O. Box 80263
6 kilo Madagascar Street
Leadership Institute Building 4th floor
Addis Ababa, Ethiopia
Email: infoaabe@ethionet.et

In person : Office no 407

IAASB ISSUED AN EXPOSURE DRAFT ON AGREED-UPON PROCEDURES

The demand for Agreed-upon procedures (AUP) engagements continues to grow across jurisdictions. Changes in regulation, such as the increase in audit exemption thresholds in many jurisdictions, have also driven increased demand for AUP engagements. This is especially relevant for smaller entities, as the increased audit exemption thresholds prompt stakeholders to look for alternative services to an audit.

To ensure that the IAASB’s standard on AUP engagements remains relevant in the current business environment, the IAASB proposes to enhance key concepts in the standard, including:

  • The role of professional judgment in an AUP engagement.
  • Disclosures relating to the practitioner’s independence or lack thereof.
  • Guidance on appropriate or inappropriate terminology to describe procedures and findings in AUP reports.
  • The use of a practitioner’s expert in an AUP engagement.
  • Restrictions on the distribution and use of the AUP report.

You can access the document
https://www.ifac.org/publications-resources/proposed-international-standard-related-services-4400-revised-agreed-upon

The International Auditing and Assurance Standards Board (IAASB) seeks public comment by March 15, 2019 on its Exposure Draft of proposed ISRS 4400 (Revised), Agreed-Upon Procedures Engagements.

Accounting and Auditing Board of Ethiopia (AABE) strongly encourage you to read the exposure draft and provide your comments on the proposals. This is an opportunity to participate on the standard setting process which is to be adopted in Ethiopia.
You can  send comments directly to the IAASB, by March 15,2019 . AABE would appreciate receiving a copy of your comment in Microsoft word format if electronically.

You can also send your comments – both formal and informal – by: March 1, 2019 to AABE’s address as follows:
Postal address:
Audit and Assurance  Standards Directorate
Accounting and Auditing Board of Ethiopia
P.O. Box 80263
6 kilo Madagascar Street
Leadership Institute Building 4th floor
Addis Ababa, Ethiopia
Email: infoaabe@ethionet.et

In person : Office no 407

N.B  AABE publish all comments it receive on its website (unless the comments are damaging the good reputation of anyone or the commenter request not to do so).

Exposure Draft, ISA 315, Identifying and Assessing the Risk of Material Misstatement (Revised)

The International Auditing and Assurance Standards Board (IAASB) issued an Exposure Draft on ISA 315 for public comment by November 2, 2018. To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB proposes more robust requirements and improved guidance to:

  • Drive consistent and effective identification and assessment of risks of material misstatement;
  • Modernize ISA 315 to meet evolving business needs, including information technology, and how auditors use automated tools and techniques, including data analytics, to perform audit procedures;
  • Improve the standard’s applicability to entities across a wide spectrum of circumstances and complexities; and
  • Focus auditors on exercising professional skepticism throughout the risk identification and assessment process.

Through its ISA Implementation Monitoring Project and targeted continuing stakeholder outreach, the IAASB has received significant stakeholder input as the proposed revisions have been developed. The Exposure Draft is a key element of the IAASB’s work to address the fundamental elements of an audit and thereby enhance audit quality.

Accounting and Auditing Board of Ethiopia (AABE) is adopting the international standards on Auditing. As long as the standards are required to be implemented by the professionals, it is an opportunity to comment on exposure drafts and other documents that are issued by the international audit and assurance standard board (IAASB), by considering the countries facts and circumstance. Therefor AABE strongly encourage you to read this exposure draft and provide your comments on the proposals.

You can access the document

Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement       or

https://www.ifac.org/publications-resources/exposure-draft-isa-315-revised-identifying-and-assessing-risks-material?utm_source=IFAC%20Main%20List&utm_campaign=d45be386a9-SMP_Press_Release_9_14_169_13_2016_COPY_01&utm_medium=email&utm_term=0_cc08d67019-d45be386a9-80434821

You can send your comments by October 15/ 2018 to AABE for Audit and Assurance standards Directorate, address as follows:       Postal address: P.O. Box 80263

Email: infoaabe@aabe.gov..et

Office -6 kilo, Leadership building, 4th floor, office no 407

AABE also encourage you to send comments directly to the IAASB, by November 2/2018 and we will be glad if you send us the copy.

http://www.ifac.org/publications-resources/isa-540-revised-auditing-accounting-estimates-and-related-disclosures

Amendments

Amendments to ISA 810

ISA 810(REVISED), Engagements to Report on Summary Financial Statements

http://www.iaasb.org/projects/amendments-isa-810

Amendments to ISA 800 and 805

ISA 800(Revised),special considerations-Audit of financial statements prepared in accordance with special purpose frameworks and Conforming Amendments to ISA700 (Revised), Forming an opinion and Reporting on Financial statements. And

ISA 805(Revised), special consideration-Audits of single financial statements and Specific elements, Accounts or Items of a financial statements and Conforming Amendments to ISA 700 (Revised), Forming an opinion and Reporting on Financial Statements.

http://www.iaasb.org/projects/amendments-isa-800-and-805

1.IFAC’s companion Manual: Guide to quality control for SMPs/Guide to using ISA’s in the Audits of SMEs/Guide to review engagement/Guide to compilation Engagement/ Guide to Practice Management for Small- and Medium-Sized Practices.

https://www.ifac.org/publications-resources/companion-manual-guide-quality-control-smpsguide-using-isas-audits-smes

https://www.ifac.org/publications-resources/guide-practice-management-small-and-medium-sized-practices

  1. Tips for Cost-Effective ISQC 1 Application

https://www.ifac.org/publications-resources/tips-cost-effective-isqc-1-application

3.The new and Revised Audit Reporting standards guidance

  • IFAC , Key Audit Matters

https://www.ifac.org/publications-resources/auditor-reporting-key-audit-matters

  • IFAC , Illustrative Key Audit Matters

https://www.ifac.org/publications-resources/auditor-reporting-illustrative-key-audit-matters

  • IFAC Determining and Communicating Key Audit Matters
     https://www.ifac.org/publications-resources/determining-and-communicating-key-audit-matters
  • IFAC , Auditor Reorting Standards Implementation: key Audit matters
     http://www.ifac.org/global-knowledge-gateway/audit-assurance/discussion/auditor-reporting-standards-implementation-key
  • EY , Enhanced auditor’s reporting 

http://www.ey.com/Publication/vwLUAssets/EY-enhanced-auditors-reporting/$FILE/EY-enhanced-auditors-reporting.pdf

  • PWC,. Delivering the value of the audit

https://www.pwc.com/sg/en/publications/assets/delivering-the-value-of-the-audit.pdf

  • KPMG , The New Auditor’s Report Greater Transparency & More Relevant

https://assets.kpmg.com/content/dam/kpmg/cn/pdf/en/2016/12/the-new-auditor-report.pdf

  • Deloitte, Clear and transparent reporting, the new auditor’s report

https://www2.deloitte.com/content/dam/Deloitte/ch/Documents/audit/ch-en-audit-new-auditors-report.pdf

  • Auditor reporting on going concern

http://www.ifac.org/publications-resources/auditor-reporting-going-concern