IAASB makes targeted revisions on using external experts

The International Auditing and Assurance Standards Board (IAASB) has issued constricted amendments to a fig of its standards arsenic a effect of the International Ethics Standards Board for Accountants’ (IESBA) enactment connected Using the Work of an External Expert.

The changes travel updates made by the IESBA to the International Code of Ethics for Professional Accountants (including International Independence Standards).

Those revisions introduced circumstantial ethical requirements for relying connected outer experts’ enactment successful audit, assurance and non-assurance engagements, among different changes.

The IAASB stated that the amendments are intended to align its standards with the revised IESBA Code and to enactment consistency betwixt the 2 sets of requirements.

The amendments subordinate to respective IAASB standards, including ISA 620, Using the Work of an Auditor’s Expert; ISRE 2400 (Revised), Engagements to Review Historical Financial Statements; and ISAE 3000 (Revised), Assurance Engagements Other than Audits oregon Reviews of Historical Financial Information.

They besides impact ISRS 4400 (Revised), Agreed-upon Procedures Engagements.

In July past year, the IAASB revised ISA 240, addressing the auditor’s responsibilities successful narration to fraud successful audits of fiscal statements.

The IAASB described the revised fraud modular arsenic a effect to stakeholder attraction connected the auditor’s relation successful fraud matters and arsenic an effort to enactment assurance successful audit work.

It besides noted that the revised modular sets retired auditor responsibilities much clearly, requires a fraud-focused attack to hazard recognition and assessment, and specifies responses to assessed risks.

In addition, it includes reporting transparency measures for publically traded entities and reinforces the exertion of nonrecreational scepticism.

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