FAS update

PSC Steering Committee meeting June 2011

Progress to date

1. Maintain and develop the ISSAIs– Revision of ISSAI 1610– Revision of ISSAI 1720

Progress to date

2. Awareness raising– Sweden, Namibia participate in PSC project– ISSAI seminar Estonia June 2011– Newsletter introduced

Progress to date

3. Contribute to the consistency of ISSAIs– Sweden, UK and USA members of PSC project

4. Explore the need for other IAASB standards– Survey drafted, will be distributed in June– FAS meeting in October- decision

Progress to date

5. Summarize lesson learned– Not started

6. Monitor implementation– Survey planned 2012-2013

Implementation

Number of respondents 32 We will implement/have implemented the ISSAIs as the authoritative standard 10 We will implement/have implemented the ISSAIs as guidance to support other standards 10

We will implement/have implemented the ISAs as the authoritative standard 5 We are considering implementing the ISSAIs 5 We are not considering implementing the ISSAIs 2

Information from the IAASB

• FAS Newsletter will provide information from recent and upcoming meetings

• FAS Chair will consult with PSC members when appropiate

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Information from the IAASB

• Consultation papers– Enhancing the Value of Auditor Reporting: Explori

ng Options for Change, Consultation Paper due September, 16

– Audit Quality: An IAASB Perspective

• Exposure Drafts– ISAE 3000 Assurance Engagements Other Than A

udits or Reviews of Historical Financial Information, due September, 1

Information from the IAASB

• June Meeting– ISA 610– IAPS 1000 and status – ISRS 4410 – ISA Implementation Monitoring