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Items tagged with "Audit"

Sustainability assurance standard out now

The International Auditing and Assurance Standards Board (IAASB) published its proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements in early August.

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Monitoring Group updates on strengthened audit for changing times

The Monitoring Group (MG) has again reported on its progress on strengthening the international audit-related standard-setting system.

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FRC reports continued improvement in audit quality but further action needed

The UK’s Financial Reporting Council (FRC) has released its annual inspection and supervision results for the largest audit firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The report reveals that 77% of audits inspected were deemed good or required only limited improvement, representing a consistent year-on-year improvement over the past four years.

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Audit committee chairs clued-in to ESG reporting

The UK’s Financial Reporting Council (FRC) has released a research report exploring the perspectives and approaches of Audit Committee Chairs (ACCs) towards Environmental, Social, and Corporate Governance (ESG) activities and reporting.

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FRC publishes minimum standard for audit committees

The Financial Reporting Council (FRC) has released the Audit Committees and the External Audit: Minimum Standard, designed to enhance audit quality and reinforce public trust in the financial reporting process. The standard provides clear expectations and guidelines for audit committees within the FTSE350, supporting the delivery of high-quality audits.

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IAASB brings consultation on sustainability assurance standard forward

The International Auditing and Assurance Standards Board (IAASB) has confirmed that it will bring forward the consultation on its proposed new sustainability assurance standard, the International Standard on Sustainability Assurance™ (ISSA) 5000.

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IOSCO outlines considerations for ESG assurance

The International Organization of Securities Commissions (IOSCO) has unveiled its latest report, outlining key considerations for establishing a reliable global assurance framework for sustainability-related corporate reporting.

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IAASB agenda consultation starts – will Inline XBRL be in scope?

The International Auditing and Assurance Standards Board’s (IAASB) Proposed Strategy and Work Plan for 2024‒2027 includes a mention of exploring a new standard on XBRL.

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Guidance for block tagging in ESEF

This year European issuers filing with the European Single Electronic Format (ESEF) will be required, for the first time, to use block tagging to mark up the notes in their financial statements. This has implications, and presents certain challenges, for software providers, filers, and auditors alike.

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Monitoring Group makes progress on audit standard reform

The Monitoring Group (MG) – the international committee of regulators that oversights audit standards and ethical standards for the accounting and audit profession, has published a short report into the progress it has made so far implementing its recommended measures to strengthen the international audit system.

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