Regulators

IAASB seeking comments on ISA amendments

The International Auditing and Assurance Standards Board (IAASB) is consulting on amendments to the International Standards on Auditing (ISAs) as a result of the revised IESBA code that came into effect earlier this year.

The international body said it aims to align the IAASB’s International Standards with the revisions to the IESBA Code by way of conforming amendments, “thus ensuring that the IAASB’s International Standards can continue to be applied together with the IESBA Code”.

The exposure draft focuses on changes to risk reporting and threats to auditor independence.

Tom Seidenstein, chair of the IAASB, said: “It is important that the International Standards acknowledge the enhancements made to the IESBA Code and achieve alignment to the fullest extent possible on overlapping issues.

“Many jurisdictions use both the International Standards and the IESBA Code and it is in the public interest that these be able to operate in concert.”

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The IAASb said all comments on the draft are to be received by no later than January 10, 2020.

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