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  1. The SMPC is concerned that the QM standards' complexity may eventually drive a compliance mindset, especially amongst smaller firms who become subject to proportionately greater documentation burdens to “explain/prove” their compliance. Therefore, it is important for the IAASB to ensure that the final suite of QM standards address this issue to foster an effective focus on the quality of the engagement each individual firm delivers, as opposed to compliance with complex standards. In any case, the SMPC believes that the implementation period should not be less than 24 months after the approval of the standards by the PIOB. أضغط على الرابط لزيارة موقع الخبر
  2. The SMPC generally supports the new quality management approach using a risk management lens. However, the Committee also believes that the IAASB needs to consider the cost/benefit of the proposed changes in terms of anticipated quality increase from International Standard on Quality Management 1 (ISQM 1). The SMPC believes that making the standard less complex to apply would go a long way in addressing the practical issues many SMPs would otherwise face and, simultaneously, resolve many of the scalability issues. Specifically by: determining a more appropriate (i.e., higher) threshold for risk identification and assessment (instead of “more than remote likelihood of occurrence”) – preferably one that takes both the likelihood of occurrence and likely magnitude of impact into account, and setting far fewer and less granular objectives – in other words, setting a more appropriate objective for the standard as a whole, aligning quality to the firm’s individual strategy with just a single objective, preferably for each relevant area that drives quality (i.e., personnel, IT applications etc.). It is also likely that many smaller firms will benefit from assistance from their PAOs and other third parties for QM system support and methodologies. The SMPC is available to support implementation initiatives and IFAC will coordinate with the IAASB when revising the previous QC Guide as the standard progresses to its approval stage. أضغط على الرابط لزيارة موقع الخبر
  3. Based on how the standard is currently being drafted, the proposed International Standard on Quality Management 2 (ISQM 2) is unique as it combines firm wide requirements for policies and procedures and engagement level requirements relating to EQR with the objective of the firm being framed, in part, as the responsibility of the EQ reviewer. Although the IAASB is confident that such an approach is not an issue (since the standard is intended to be outcome-oriented), the SMPC has some concerns over the approach. The lack of clear demarcation of responsibilities between the firm, the engagement partner and the EQR may lead to confusion as to who is ultimately responsible, particularly in the case of breaches and where the remedial action should be taken. The risks associated with this might be reduced if the standard was restructured to deal with firm wide policies and procedures and engagement level procedures separately. In addition, smaller firms often have relatively small pool of individuals with both the seniority and experience to act as engagement partners and engagement quality reviewers. For this reason, the practicalities associated with internal rotation generally poses specific challenges to such firms. We would also caution that the use of any external third party adds significant costs that will disadvantage SMPs and/or the SMEs they serve. أضغط على الرابط لزيارة موقع الخبر
  4. The SMPC noted that the responsibilities of the engagement partner now exceed those of extant ISA 220. Under extant ISA 220, the engagement team can rely on the firm’s quality control unless there are indications to the contrary. In the Committee’s view, this remains a pragmatic approach. We believe it is appropriate for the engagement partner and the engagement team to be required to go through an exercise of evaluation on a case-by-case basis as to whether the firm has implemented sufficient QM responses to quality risks and, if so, whether additional measured need to be taken to address any ‘gaps’ so identified. This should be confined to certain areas only at the engagement level. The IAASB has also proposed a change to the definition of engagement team from “all partners and staff performing the audit engagement, and any individuals engaged by the firm or a network firm who perform audit procedures on the engagement” in extant ISA 220 to “all partners and staff performing the audit engagement, and any other individuals who perform audit procedures on the engagement, including individuals engaged by the firm or network firm”. We do not believe this proposed change is appropriate. Our concerns were further described in the said letter of comment. أضغط على الرابط لزيارة موقع الخبر
  5. Listen to IAASB member and Task Force Chair, Marek Grabowski, discuss the extended external reporting (EER) Consultation Paper that includes the first part of the draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements. أضغط على الرابط لزيارة موقع الخبر
  6. The IPSASB held its second meeting of 2019 from June 18-21, 2019 in Toronto, Canada. أضغط على الرابط لزيارة موقع الخبر
  7. The IPSASB held its second meeting of 2019 from June 18-21, 2019 in Toronto, Canada. أضغط على الرابط لزيارة موقع الخبر
  8. Subtitle: Guide to Compilation Engagements Translated By: Published: Mon, 2019-06-24 ISBN: Embed Code: Disable Login Requirement: 0 Source: IFAC Staff SMP Committee Language: Georgian Tags: adoption & implementation IAASB ISRS SMP/SME Publication Type: Guidance & Support Tools Translation Issues, Insights & Interest Areas: SME & SMP Issues Meta Title: ED Status: Admin emails: Due Date Emails: أضغط على الرابط لزيارة موقع الخبر
  9. Subtitle: Guide to Compilation Engagements Translated By: Published: Mon, 2019-06-24 ISBN: Embed Code: Disable Login Requirement: 0 Source: IFAC Staff SMP Committee Language: Georgian Tags: adoption & implementation IAASB ISRS SMP/SME Publication Type: Guidance & Support Tools Translation Issues, Insights & Interest Areas: SME & SMP Issues Meta Title: ED Status: Admin emails: Due Date Emails: أضغط على الرابط لزيارة موقع الخبر
  10. Highlights from the IPSASB June 2019 meeting in Toronto, Canada: 00:10 Welcome and introduction: John Stanford, Technical Director 01:06 Chair’s meeting overview: Ian Carruthers, Chair 02:52 Public Sector Specific Financial Instruments: Dave Warren, Principal 03:58 Revenue with Performance Obligations: Amon Dhliwayo, Manager 05:30 Revenue without Performance Obligations: Joanna Spencer, Manager 06:36 Expenses: Paul Mason, Consultant 08:15 Leases: Ian Carruthers, Chair 11:38 Chair’s concluding comments: Ian Carruthers, Chair 13:23 Closing remarks: John Stanford, Technical Director أضغط على الرابط لزيارة موقع الخبر
  11. Highlights from the CAG's June 17, 2019 meeting in Toronto, Canada: 00:11 Welcome and introduction 00:36 Chair’s summary of the IPSASB CAG meeting 09:32 Closing remarks أضغط على الرابط لزيارة موقع الخبر
  12. Highlights from the IPSASB June 2019 meeting in Toronto, Canada: 00:10 Welcome and introduction: John Stanford, Technical Director 01:06 Chair’s meeting overview: Ian Carruthers, Chair 02:52 Public Sector Specific Financial Instruments: Dave Warren, Principal 03:58 Revenue with Performance Obligations: Amon Dhliwayo, Manager 05:30 Revenue without Performance Obligations: Joanna Spencer, Manager 06:36 Expenses: Paul Mason, Consultant 08:15 Leases: Ian Carruthers, Chair 11:38 Chair’s concluding comments: Ian Carruthers, Chair 13:23 Closing remarks: John Stanford, Technical Director أضغط على الرابط لزيارة موقع الخبر
  13. Highlights from the CAG's June 17, 2019 meeting in Toronto, Canada: 00:11 Welcome and introduction 00:36 Chair’s summary of the IPSASB CAG meeting 09:32 Closing remarks أضغط على الرابط لزيارة موقع الخبر
  14. The International Accounting Education Standards Board (IAESB) recently held its final meeting prior to the transition to the new model for international accountancy education. The board met in Toronto, Canada, hosted by the Chartered Professional Accountants of Canada, June 24-26. The agenda included important issues for global accountancy education, including: Approving revisions to International Education Standards 2, 3, 4, and 8 on information & communications technologies (ICT) and professional skepticism learning outcomes, which will be finalized later this year; Approving implementation support for ICT; public sector accounting, reporting and assurance; and professional accountants working in business; and Transition planning for the new model for international accountancy education. The IAESB also discussed ways to communicate about available IES implementation support and stakeholder engagement and communications as the IAESB wraps up its work. Additional information, including agendas and meeting papers, are available online. أضغط على الرابط لزيارة موقع الخبر
  15. The International Ethics Standards Board for Accountants (IESBA) today launched the eCode – a web-based tool that delivers the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) on a digital platform. In addition to “app-like” features and functionalities, this new platform better demonstrates the Code’s “building blocks” architecture and scalability. The eCode represents the outcome of a strategic initiative to leverage modern technologies, including mobile access, to make the content of the Code as widely accessible and visible and as user-friendly as possible. In addition to enhanced search and navigation, the eCode includes links to non-authoritative resources that provide contextual information or explain the rationale for particular provisions in the Code. “The eCode is an innovative response to stakeholder calls for more support for implementation,” said Dr. Stavros Thomadakis, IESBA Chairman. “Technology opens many opportunities for enhancement to the user experience, and with the eCode we have sought creative and appealing ways to do so. We firmly believe the eCode will greatly facilitate adoption, consistent application and enforcement of the Code in the public interest.” “The launch of the eCode is timely as the Restructured and Revised Code came into effect earlier this month,” said Ken Siong, IESBA Senior Technical Director. “Technology is rapidly transforming the ways of work and how information is accessed and used. It is therefore apt to see the Code now accessible on a digital platform which users will find familiar and intuitive.” The development of the eCode has benefited from the operational support of the International Federation of Accountants (IFAC) as well as staff support from the New Zealand External Reporting Board. The IESBA will continue its collaboration with these partners as it embarks on a second phase of this initiative to explore additional features as well as avenues to transfer the platform to adopters of the Code. The eCode is available free-of-charge at www.IESBAeCode.org. The IESBA welcomes feedback from all stakeholders. In particular, views are sought about usability features, national adoption of the eCode platform, and areas for further improvement from firms, national standard setters, regulators and audit oversight bodies, professional accountancy organizations, investors and academia. Please email suggestions to IESBAeCode@ethicsboard.org. Learn more about the Code, including the five fundamental principles of integrity; objectivity; professional competence and due care; confidentiality; and professional behavior on the IESBA’s website. Click here to access tutorial-styled video on the features of the eCode. About the IESBA The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board. أضغط على الرابط لزيارة موقع الخبر
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