Technical new in brief April 2023
ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics.
IESBA staff releases database of public interest definitions
Audit and Assurance | 27 April 2023
The Staff of the International Ethics Standards Board for Accountants (IESBA) have released a database of Public Interest Entity (PIE) definitions by jurisdiction to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE in the International Code of Ethics for Professional Accountants (The Code).
IAASB consultation for revised going concern standard
Audit and Assurance | 26 April 2023
The International Auditing and Assurance Standards Board (IAASB) issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern. The proposed changes aim to promote consistent practice, strengthen auditor’s evaluation of management’s assessment of going concern, and enhance transparency with respect to auditors’ responsibilities and work in relation to going concern. The deadline for comment is 24 August 2023.
IASB consultation on proposed amendments to audit enforcement procedures
Audit and Assurance | 12 April 2023
The Financial Reporting Council (FRC) announced a review of the Audit Enforcement Procedure (AEP) and is seeking feedback on the proposed amendments. Deadline for comments is 5 May 2023.
IESBA releases final revisions to global ethics standard
Audit and Assurance | 11 April 2023
The International Ethics Standards Board for Accountants (IESBA) released final revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards). The revisions further increase the Code’s robustness and expand its relevance in a world being fundamentally reshaped by rapid technological advancements and accelerating digitalisation.
FRC issues FRED 83 Draft amendments to FRS 102
Financial Reporting | 5 April 2023
The Financial Reporting Council (FRC) issued FRED 83 draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and RoI – International tax reform – Pillar Two model rules. This proposes a temporary exception to the accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules. Deadline for comments is 24 May 2023.
IESBA proposes strategy and work plan for 2024-2027
Audit and Assurance | 5 April 2023
The International Ethics Standards Board for Accountants (IESBA) released its Proposed strategy and work plan, 2024-2027: Towards a more sustainable future: Advancing the centrality of ethics, for public comment. Deadline for comments is 7 July 2023.
FRC Technology and Digital Hub
Audit and Assurance | 3 April 2023
The Financial Reporting Council (FRC) launched its Technology and Digital Hub that will provide an overview of the FRC’s work in this area including publications and information on how to get involved.