This virtual workshop allowed participants to gain insight into proposed revisions and standards issued by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standard Board (IESBA) and become updated with these developments directly from the Standard Setting Boards.
Presentations were made by Fiona Campbell and Rich Sharko of the International Auditing and Assurance Standards Board (IAASB) and Kim Gibson and Brian Friedrich of the International Ethics Standards Board for Accountants (IESBA).
Developing and implementing relevant and robust global standards is important for creating transparent and efficient delivery of public services, and for promoting the financial transparency in the private and public sector needed for financial stability, broad access to finance, efficient allocation of investment resources, and sustainable growth to reduce poverty and promote shared prosperity.
In such context, this virtual workshop covered the following developments:
- International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures, effective for audits of financial reporting periods beginning on or after 15 December 2019, approved by IAASB in June 2018;
- Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement, issued by IAASB in July 2018;
- An overview of the recently released, IESBA International Code of Ethics for Professional Accountants (Including International Independence Standards) which includes substantive revisions to: the conceptual framework for dealing with ethics and independence issues; applying safeguards; offering and accepting inducements; preparing and presenting financial information; dealing with pressure; NOCLAR; and long association.
Participants were able to connect remotely from Belgrade, Bucharest, Philippines, Podgorica, Pristina, Qatar, Sarajevo, Skopje, Sofia, Tbilisi, Tirana, Nigeria and Vienna.
Please visit the Audit Training of Trainers page for more information about its activities.
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