What You Need to Know About the IFAC Standards (Completed)

The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) completed its clarity project over a decade ago. Since then, key projects to enhance and improve the standards resulting in some significant changes to the reporting and communication, along with independence & ethics and professional skepticism.

This session is designed to enable U.S. auditors to transition and understand and comply with the requirements by providing a detailed overview of the key differences between International Standards on Auditing (ISAs) issued by the IAASB and the changes to the suite of standards resulting from projects they have completed in the last few years as compared to the U.S. professional standards.

Who Should Attend
CPAs, accountants, auditors and practitioners who want to understand the IFAC’s IAASB Standards and the key differences from U.S. GAAS and the AICPA’s Professional Standards.

Topics Covered

• What changes have recently taken place of the ISAs
• The new requirements in major areas of the audit including quality control, communication, compliance with laws and regulations and auditor reporting
• The requirements relating to risk assessment and audit planning in a cost-effective manner
• The audit documentation requirements to evidence the compliance with the ISAs and comply with the quality control requirements as well as IFAC's Code of Ethics
• Implement the standards into your practice

Learning Objectives

• Identify the form and content of the ISAs as compared to U.S. GAAS
• Identify the requirements in quality control, communication, compliance with laws and regulations and reporting
• Recognize how to develop audit documentation to evidence the compliance with the ISAs and comply with the quality control requirements of ISA220 and ISQC 1, as well as the Code of Ethics
• Identify and implement the standards into your practice

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None