IRBA Newsletter 26

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STANDARDS c o n t .
The following ISAs are affected by the proposed changes:
?ISA 200, Overall Objectives of the Independent Auditor and
the Conduct of an Audit in Accordance with International
Standards onAuditing;
?ISA210, Agreeing the Terms of Audit Engagement;
?ISA 240, The Auditor's Responsibilities Relating to Fraud in
anAudit of Financial Statements;
?ISA 260 (Revised), Communication with Those Charged
with Governance;
?ISA300, Planning anAudit of Financial Statements;
?ISA 315 (Revised), Identifying and Assessing the Risks of
Material Misstatement through Understanding the Entity
and Its Environment;
?ISA330, TheAuditor's Responses toAssessed Risks;
?ISA 450, Evaluation of Misstatements Identified during the
Audit and
?ISA 700, Forming an Opinion and Reporting on Financial
Statements.
Respondents were encouraged to submit their comments to
the IRBA by 28 August 2014, i.e. two weeks before the IAASB
comment date deadline of 11 September 2014, for
consideration of the CFAS Task Group preparing the IRBA
response. Comments could be submitted by email to
, in both a PDF andWord file.
Small andMediumPractices
The International Federation of Accountants (IFAC) Small
andMediumPractices (SMP) Committee
The SMP Committee of IFAC represents the interests of
professional accountants who work in SMPs. The committee
develops guidance and tools, and works to ensure the needs
of the SMP and small- and medium-sized entity (SME) sectors
are considered by standard setters, regulators, and policy
makers. The committee also speaks out on behalf of SMPs to
raise awareness of their role and value, especially in
supporting SMEs, and the importance of the small business
sector overall.
SMPs may find the publications available on the IFAC website
useful in running their practices, especially in the audit of
SMEs.
These publications have not been adopted by the IRBA as
they were not subject to the IAASB’s due process for
development of International Standards, or the CFAS due
process for adoption of International Standards and guidance.
However, SMPs may refer to the guidance issued by the SMP
Committee at their discretion, and may find the guidance
useful, but are advised that RAs are still required to apply all
auditing pronouncements adopted, developed and issued and
prescribed by the IRBA, including the IAASB International
Standards.
The SMP Committee page is regularly updated with articles,
6 Issue 26 April - June 2014
Committee forAuditor Ethics (CFAE)
IRBABoard approved the Code of Professional Conduct
RAs are reminded that the IRBABoard approved the adoption
of the amendments made to the International Ethics Standard
Board for Accountants (IESBA) Code during 2013 as
amendments to the IRBA Code (2014) on 18 February 2014.
The IRBACode (Revised 2014), was issued on 17March 2014
and may be downloaded from the IRBA website:
In order to facilitate implementation of the IRBA Code
(Revised 2014), regard being had to its impact on the
inspections, investigations and disciplinary functions of the
IRBA, and as early adoption is permitted by both the IESBA
and the IRBA, the Board approved the incorporation of all the
amendments into the revised IRBA Code in February 2014,
with an effective date of 1April 2014.
IESBA issues exposure draft on Proposed Changes to
Certain Provisions of the Code Addressing Non-
Assurance Services forAudit Clients
The IESBA, on 20 May 2014, released the Proposed Changes
to Certain Provisions of the Code Addressing Non-Assurance
Services for Audit Clients exposure draft, relating to certain
provisions of the Code addressing non-assurance services for
audit clients for public comment. As the IRBA Code of
Professional Conduct for RegisteredAuditors adopted PartsA
and B of the IESBACode, a CFAETask Group will consider the
proposed amendments to Part Aand B of the IESBACode and
will submit comments to the IESBA.
RAs and others were invited to submit any comments
regarding the proposed changes to the IRBA by 4 August
2014 (i.e. 2 weeks prior to the IESBA comment date deadline
of 18 August 2014) for consideration in preparing a response
to the IESBA to , in word format. Copies
of the exposure drafts and links to the IESBA website are
included on the IRBA Ethics web page:
ETH I CS