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.
Publication Date: November 2020
Designed For
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
- Introduction
- Overview
- Differences Between U.S. GAAS and ISAs
- New ISAs
- Sample Auditor's Report — U.S. GAAS & ISAs
- Resources
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
- Differentiate between U.S. GAAS and ISAs
- Describe how ISAs apply
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.