IAASB Solicits Feedback on Proposed Changes to Audit Standards Related to Working With Experts
The International Auditing and Assurance Standards Board (IAASB) has started a public consultation on narrow-scope amendments to its standards in order to maintain interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (ESBA Code).
The IAASB is asking stakeholders to comment utilizing the digital Response Template, which is available on the IAASB website. The deadline for the comments is July 24.
According to the IAASB. these proposed amendments address recent revisions to the IESBA Code related to using the work of an external expert.
The targeted amendments focus on the following IAASB standards:
• ISA 620, Using the Work of an Auditor’s Expert
• ISRE 2400 (Revised), Engagements to Review Historical Financial Statements
• ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information
• ISRS 4400 (Revised), Agreed-upon Procedures Engagement
Accounting Today reports that, in December 2023, the IESBA approved an exposure draft for proposed revisions to the IESBA's Code of Ethics that was related to using the work of an external expert.
The proposals in the draft included three new sections to the Code of Ethics such as provisions for professional accountants in public practice, professional accountants in business and sustainability assurance practitioners.
The IESBA approved the provisions on utilizing the work of an external expert at its December 2024 meeting, establishing an ethical framework to guide accountants and sustainability assurance practitioners in evaluating if an external expert has the necessary competence, capabilities and objectivity to utilize their work, as well as provisions on applying the Ethics Code's conceptual framework when utilizing the work of an outside expert, Accounting Today explains.