Final Pronouncement of ISA 315 (Revised)
ISA 315 (Revised 2019) and Conforming and Consequential Amendments to Other International Standards Arising from ISA 315
ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, has been revised to include a more robust and consistent risk identification and assessment. The revised standard sets out clarified and enhanced requirements, and enhanced application material, to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s risk assessment in accordance with ISA 330, The Auditor’s Responses to Assessed Risks.
Accounting and Auditing Board of Ethiopia (AABE) encourage you to read and use the standards.
Audit and Assurance Standards Directorate
Accounting and Audit Bored of Ethiopia
The 2018 International Code of Ethics for Professional Accountants, including International Independence Standards, which is effective as of June 2019, includes substantive revisions and is completely rewritten under a new structure and drafting convention.
The latest edition of the handbook includes:
· other publications (which is International Independence Standards (Part 4A – Independence for Audit and Review Engagements
· 4b (Independence for Assurance Engagements Other than Audit and Review Engagements)
You can access the document by
Accounting and Auditing Board of Ethiopia (AABE) strongly advise you to use the IESBA’s handbooks.
Hand Book of International Quality Control, Auditing, Review, Other Assurance and Related services Pronouncements from International Audit and Assurance Board (IAASB)
Handbook of the Code of Ethics for Professional Accountants from International Ethics standards Board for Accountants (IESBA)
GLOBAL ETHICS BOARD PROPOSES CHANGES TO PROMOTE ROLE, MINDSET EXPECTATIONS
The International Ethics Standards Board for Accountants (IESBA) in collaboration with the International Auditing and Assurance Standards Board and the International Accounting Education Standards Board proposes changes to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to promote the role and mindset expected of all professional accountants. The Exposure Draft, Proposed Revisions to Promote the Role and Mindset Expected of Professional Accountants, puts forward changes that further strengthen the Code.
The proposed revisions respond to strengthening the application of concepts underlying professional skepticism by all professional accountants.
Among other matters, the proposals:
- Highlight professional accountants’ wide-ranging role in society and the relationship between compliance with the Code and a professional accountant’s responsibility to act in the public interest; enhancements to the robustness of the fundamental principles of integrity, objectivity and professional behavior;
- Further strengthen the Code through requiring professional accountants to have an inquiring mind when applying the conceptual framework; and
- Highlight the importance of being aware of bias and having the right organizational culture.
The IESBA will host a webinar in September 2019 to provide an overview of the proposed revisions. Follow the IESBA on Twitter (@Ethics_Board) for updates on how to register for this event.
Please visit the IESBA website for more information or follow the following link.
You can send comments directly to the IESBA, by October 31,2019. AABE would appreciate receiving a copy of your comment in Microsoft word format if electronically.
You can also send your comments by: October 15, 2019 to AABE’s address as follows:
1)Audit and Assurance standards Directorate (office no 407 ) or,
2)Accounting and Auditing Board of Ethiopia
P.O. Box 80263
6 kilo Madagascar Street
Addis Ababa, Ethiopia or
Amendments to ISA 810
ISA 810(REVISED), Engagements to Report on Summary Financial Statements
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.
Guide to Quality Control for Small and Medium-Sized Practices
Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition