The International Auditing and Assurance Standards Board (IAASB) today released a survey consultation, The IAASB’s Work Plan for 2017‒2018 and Continuing Relevance of Its Strategic Objectives. Feedback to this consultation will assist the board in evaluating its priorities for 2017–2018 and allocating its resources—a full-time Chairman supported by a 17-person volunteer board and ten-person technical staff—in the best way possible.
“Our extensive outreach and consultation, most recently through our Invitation to Comment, leads us to believe we are already addressing the most pertinent topics in the public interest. We are prioritizing standard setting in relation to the fundamental topics of accounting estimates, professional skepticism, quality control, risk assessment, and group audits—while at the same time actively debating the implications for practitioners of developments in data analytics, integrated reporting, and emerging forms of external reporting,” explained Prof. Arnold Schilder, IAASB Chairman. “At the same time, we recognize we will soon be at the mid-point of our five-year strategy, so it is helpful to pause and reflect with our stakeholders about whether anything in the external environment indicates a need to change course or re-prioritize.”
The IAASB and its Consultative Advisory Group have considered a number of other topics that could warrant IAASB attention, which are highlighted in the survey. Respondents are asked for their views on how topics should be prioritized, recognizing that much of the board’s current standard-setting efforts will carry on into 2017 and beyond unless the IAASB decides to modify its current work plan. The IAASB would also like to understand whether its current strategic initiatives remain appropriate given its mandate.
“We look forward to hearing from a wide range of our stakeholders, and hope that by using a survey, we will hear from many around the world,” Kathleen Healy, IAASB Technical Director, noted. “We have designed the survey to allow respondents to quickly flag key priorities or, alternatively, tell us when certain topics are less relevant—as this will be helpful in deciding whether our focus should change from any of our current priorities to those that might be deemed more relevant from a public interest perspective.”
The survey will be open for responses through September 30, 2016, and must be submitted using the online tool. A PDF version of the survey has been provided to assist organizations that may need to consult internally in preparing their response before submitting it electronically.