Audit and Assurance
IFAC releases sustainability checklist for small businesses
14 November 2023
The International Federation of Accountants (IFAC) released a Small Business Sustainability Checklist to help small and medium-sized enterprises (SMEs) maximise the benefits of incorporating sustainability into their strategy and business operations.
IFAC Quality Management Toolkit
6 November 2023
The International Federation of Accountants (IFAC) and Chartered Accountants Australia and New Zealand (CA ANZ) have released a quality management toolkit to help small and medium-sized practices implement the IAASB suite of quality management standards. The Quality Management Toolkit for Small and Medium-Sized Firms includes a suite of illustrative documents, policies, checklists, sample letters and forms to help establish quality objectives, assess quality risks and design and implement responses.
ISSA 5000 FAQ on materiality
25 October 2023
The International Auditing and Assurance Standards Board (IAASB) have provided additional information on materiality matters to help navigate the recently proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
IESBA release Q&A to support new international independence standard on group audits
23 October 2023
The International Ethics Standards Board for Accountants (IESBA) released a question and answer publication following the pronouncement of Revisions to the Code Relating to the Definition of Engagement Team and Group Audits.
PCAOB staff report sheds light on rising audit deficiencies
12 October 2023
The Public Company Accounting Oversight Board’s (PCAOB) staff have released a new report, Inspection Observations Related to Engagement Quality Reviews. The report covers recent trends in audit deficiencies related to EQRs, provides good practices and reminders to auditors on how to improve quality.
Financial Reporting
Proposed changes to the IFRS Accounting Taxonomy 2023
6 November 2023
The IFRS Foundation has published IFRS Accounting Taxonomy 2023—Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update. The update aims to support high-quality digital tagging of information. Deadline for comment 5 January 2024.
