IAASB Consults on Five-Year Strategic Objectives and Work Priorities 
 

The International Auditing and Assurance Standards Board (IAASB) released for public comment its Proposed Strategy for 2015–2019 and Proposed Work Program for 2015–2016. The proposals emphasize the IAASB’s commitment to developing and maintaining high-quality International Standards on Auditing (ISAs) to be adopted and implemented globally.[1] At the same time, they reflect the importance of the IAASB staying abreast of emerging developments to ensure its work remains relevant to its wide range of stakeholders.
 
Titled Fulfilling our Public Interest Mandate in an Evolving World, the strategy proposals set out the following objectives for the five-year period:
 
·   Develop and maintain high-quality ISAs that are accepted as the basis for high-quality financial statement audits
 
·    Ensure the IAASB’s suite of standards continues to be relevant in a changing world by responding to stakeholder needs
 
·    Collaborate and cooperate with contributors to the financial reporting supply chain to foster audit quality and stay informed
 
“Stakeholders internationally expect the IAASB to not only produce high-quality standards that enhance audit and assurance practices, but also to carry out its efforts in coordination and cooperation with key stakeholders so that the standards it develops can achieve global acceptance and work, and can be seen to work, internationally,” said Prof. Arnold Schilder, IAASB chairman. “Our strategic objectives help meet these important expectations and provide the basis upon which the IAASB can effectively identify and respond to the most pertinent public interest issues.”
 
Within the context of the proposed strategic objectives, the IAASB intends to focus its efforts in 2015–2016 on the topics of quality control, professional skepticism, and special audit considerations relevant to financial institutions. Also envisaged is work to support the effective implementation of the IAASB’s new and revised Auditor Reporting standards (which are expected to be finalized in 2014), further information gathering on potential future work topics such as group audits and assurance on Integrated Reporting, and development of a post-implementation review process for the IAASB’s assurance and related services standards. The IAASB consultation also set out the topics that it intends to prioritize in 2017 and beyond in support of its strategic objectives.
 
How to Comment
 
The IAASB invites all stakeholders to comment on the IAASB Consultation Paper, Proposed Strategy for 2015–2019 and Proposed Work Program for 2015–2016. To access the Consultation Paper or submit a comment, visit the IAASB’s website at www.iaasb.org/publications-resources. Comments are requested by April 4, 2014.