Survey: Prioritizing Projects in the IAASB’s Proposed Strategy and Work Plan for 2024-2027

The AASB is seeking your input and help in responding to the International Auditing and Assurance Standards Board’s (IAASB)’s Proposed Strategy and Work Plan for 2024-2027. How the IAASB prioritizes its future standard-setting projects will affect audit and assurance practitioners in Canada.

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We recognize the challenges facing our community, particularly practitioners implementing our standards, in the current environment. We know that our community shares our commitment to the broader public interest, but we also acknowledge that new and revised standards require organizational and individual resources to ensure quality implementation.

Help us develop a Canadian response to the IAASB’s proposed work plan by letting us know which of the proposed projects and amendments will best serve the public interest.

The IAASB indicated in their consultation paper:

Based upon the current assessment of work plan priorities, we expect that we would continue to run concurrent workstreams in the areas of audits and reviews of financial statements, and sustainability and other assurance engagements. The following broad prioritization of the candidate topics applies based on presently available information:

• For audits and reviews of financial statements
  • We would anticipate the next major project to be the revision of ISA 330.
  • After the conclusion of ISA 500 (Revised), we would also assume a focus on identified standards in the ISA 500 series, with a strong link to the impact of technology.
  • Unless we receive significant feedback about a particular topic(s) that indicates a need to prioritize ahead of other candidate topics, we anticipate that the remaining candidate topics would rank lower than those indicate above, but that could change due to changing external factors.
• For sustainability and other assurance engagements, the work would be determined by demands following the publication of ISSA 5000. We would expect that new projects may be driven by the relative importance and urgency at the time for developing further specific standards within the ISSA suite of standards. However, we are aware of the increased focus on XBRL in certain jurisdictions or regions, which may drive the global relevance of this topic. In addition, there may be a need for ISSA 5000 to first be adopted and implemented, which could be an important source of information about the need for further specific standards for which projects could then be undertaken.