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    Iaasb Due Process and Working Procedures

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    Krizel rocha
    The document summarizes the due process and working procedures of the International Auditing and Assurance Standards Board (IAASB). It discusses [1] how the IAASB consults with advisory groups like the Consultative Advisory Group and the Public Interest Oversight Board to obtain input on projects. [2] It then explains the project approval process, from initial proposals being reviewed by other committees, to approval and commencement. [3] It outlines the process after approval, including exposure drafts being published for comment and finalization of standards.

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    Iaasb Due Process and Working Procedures

    Uploaded by

    Krizel rocha
    26 views2 pages
    The document summarizes the due process and working procedures of the International Auditing and Assurance Standards Board (IAASB). It discusses [1] how the IAASB consults with advisory groups like the Consultative Advisory Group and the Public Interest Oversight Board to obtain input on projects. [2] It then explains the project approval process, from initial proposals being reviewed by other committees, to approval and commencement. [3] It outlines the process after approval, including exposure drafts being published for comment and finalization of standards.

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    The document summarizes the due process and working procedures of the International Auditing and Assurance Standards Board (IAASB). It discusses [1] how the IAASB consults with advisory groups like the Consultative Advisory Group and the Public Interest Oversight Board to obtain input on projects. [2] It then explains the project approval process, from initial proposals being reviewed by other committees, to approval and commencement. [3] It outlines the process after approval, including exposure drafts being published for comment and finalization of standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    26 views2 pages

    Iaasb Due Process and Working Procedures

    Uploaded by

    Krizel rocha
    The document summarizes the due process and working procedures of the International Auditing and Assurance Standards Board (IAASB). It discusses [1] how the IAASB consults with advisory groups like the Consultative Advisory Group and the Public Interest Oversight Board to obtain input on projects. [2] It then explains the project approval process, from initial proposals being reviewed by other committees, to approval and commencement. [3] It outlines the process after approval, including exposure drafts being published for comment and finalization of standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    College of Accounting Education

    3/F F. Facundo Hall, B & E Bldg.


    Matina, Davao City Philippines
    Phone No.: (082) 305-0645

    Auditing Theory
    Introduction to Assurance Engagement
    (Preface to International Standards and Philippine Standards)

    IAASB DUE PROCESS AND WORKING PROCEDURES

    International and national development, The objective of the IAASB Consultative Advisory Group (CAG)
    inpur from IAASB, recommendations is to provide a forum where the IAASB can consult with
    from interested parties individuals, or representatives of organizations, interested in the
    development of high quality international standards on quality
    control, audits, reviews, other assurance and related services
    designed to serve the public interest in order to obtain: (a) views on
    the IAASB’s agenda and project timetable (work program),
    IAASB Steering Committee prepares including project priorities; (b) technical advice on projects; and (c)
    project proposal the views of CAG on other matters of relevance to the activities of
    the IAASB. The membership, terms of reference and operating
    procedures of CAG are published on the IAASB website.

    Project proposals are circulated to other


    IFAC Committees and Task Forces,
    The Public Interest Oversight Board (PIOB) oversees IFAC
    including the IFAC Ethics Committee, the standard setting activities in the areas of audit standards,
    IFAC Transnational Auditors Committee, independence, and other ethical standards for auditors, audit quality
    the IFAC Small- and Medium-Sized control and assurance standards. It also oversees IFAC’s proposed
    Practices Task Force and the IFAC Compliance Program. The objective of the PIOB is to increase
    Developing Nations Task Force, to identify the confidence of investors and others that the public interest
    matters of possible relevance to the activities of IFAC (including the setting of standards by IFAC
    boards and committees) are properly responsive to the public
    project.
    interest. The membership, terms of reference and operating
    procedures of the PIOB are published on the IFAC website.

    IAASB Steering Committee approves or


    disapproves proposal ( in an open meeting) The IAASB Steering Committee (Steering Committee) is a
    standing committee of the IAASB. The purpose of the Steering
    Committee is to formulate views and advise the IAASB on matters
    of strategic and operational importance to the IAASB, while also
    relieving the IAASB of the need to address certain administrative
    If approved, project commences. matters that do not necessarily require deliberation by the IAASB.
    The membership, terms of reference and operating procedures of
    the Steering Committees are published on the IAASB website.

    The membership, terms of reference and operating procedures of IFAC Committees and Task Forces are published
    on the IFAC website.

    Joint projects are subject to the due process described in this paper. If exposed separately both internationally and by
    the national standard setter with whom the project is being jointly developed, IAASB may additionally have regard to
    comments received by the national standard setter, where they may be relevant internationally. The final document
    approved by IAASB becomes an International Standard or Practice Statement in the normal way. It may differ from
    the corresponding document, if any, approved by the collaborating national standard setter.

    Historical copies of agenda papers are retained on the IAASB website and highlights of each meeting and
    updated project summaries are posted to the website after each meeting.

    mggp
    College of Accounting Education
    3/F F. Facundo Hall, B & E Bldg.
    Matina, Davao City Philippines
    Phone No.: (082) 305-0645

    IAASB SC assigns the project to Project


    Task Force and prepares draft standard or
    practice statements

    Publish to IAASB website Project Task Force recommends for the re-
    exposure and explains basis for
    recommendation

    IAASB to discuss and approve

    Before the release of the final standard or


    practice statement, confirmation of the
    Proposed standards is exposed for public compliane to the due process must be
    comment fro 90 days made by IAASB Technical director.

    Official International Standard or Practice


    Acknowledgement of receipt and the Statement is issued.
    IAASB members schedules for discussion

    IAASB gives consideration to comments


    and deliberates significant matters raised
    in comments,and significant decisions are
    recorded in the minutes of th meeting of
    the IAASB.

    COMPOSITION OF FINANCIAL REPORTING STANDARDS COUNCIL (FRSC) AND AUDITING AND


    ASSURANCE STANDARDS COUNCIL (AASC)

    mggp

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