IAASB: New Handbook

The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards.

The IAASB has released the 2022 edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements.

The Handbook consists of 3 volumes and includes:

The IAASB’s new and revised suite of quality management standards:

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

• ISQM 2, Engagement Quality Reviews

• International Standard on Auditing (ISA) 220 (Revised), Quality Management for an Audit of Financial Statements

• Conforming and Consequential Amendments to Other ISAs Arising from the Quality Management Project

• Conforming and Consequential Amendments to the IAASB’s Other Standards as a Result of the New and Revised Quality Management Standards

• International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements

The following standards, which are not yet effective for this version of the handbook, have been included in the back of Volume 1:

• ISA 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)

• Conforming and Consequential Amendments to Other International Standards arising from ISA 600 (Revised)

Relevance to Auditors, Independent Reviewers & Accountants:

• As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.

• Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.

• Auditors, Independent Reviewers and Accountants should be aware of the latest versions of handbooks containing standards issued by regulators and standard-setting boards, such as the IAASB Handbook.

Relevance to Your Clients:

• None

Click here to download the New Handbook volumes:

• https://ifacweb.blob.core.windows.net/publicfiles/2023-10/IAASB-2022-Handbook-Volume-1.pdf??

• https://ifacweb.blob.core.windows.net/publicfiles/2023-10/IAASB-2022-Handbook-Volume-2.pdf??

• https://ifacweb.blob.core.windows.net/publicfiles/2023-10/IAASB-2022-Handbook-Volume-3.pdf?

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