PSC Steering Committee meeting June 2011 FAS update PSC Steering Committee meeting June 2011

Progress to date Maintain and develop the ISSAIs Revision of ISSAI 1610 Revision of ISSAI 1720

Progress to date Awareness raising Sweden, Namibia participate in PSC project ISSAI seminar Estonia June 2011 Newsletter introduced

Progress to date Contribute to the consistency of ISSAIs Sweden, UK and USA members of PSC project Explore the need for other IAASB standards Survey drafted, will be distributed in June FAS meeting in October- decision

Progress to date Summarize lesson learned Monitor implementation Not started Monitor implementation Survey planned 2012-2013

Implementation

Information from the IAASB FAS Newsletter will provide information from recent and upcoming meetings FAS Chair will consult with PSC members when appropiate

Information from the IAASB Consultation papers Enhancing the Value of Auditor Reporting: Exploring Options for Change, Consultation Paper due September, 16 Audit Quality: An IAASB Perspective The IAASB is also seeking information about the potential implications of changes in auditor reporting, as well as about possible implementation challenges. The paper recognizes that not all of the options explored are able to be implemented by the IAASB on its own—some would require collaboration with national standard setters, regulators and/or legislators to develop or implement. “This consultation is aimed at gathering views from around the world to inform the IAASB about whether there is consensus about the need to enhance auditor reporting and, if so, how an enhanced model might be achieved,” said James Gunn, IAASB Technical Director. “Investors and financial analysts have signalled to us they want additional, and more pertinent, information for their decision making. The IAASB wants to better understand these views as well the views of others, including users of audited financial statements of small- and medium-sized entities and public sector organizations, preparers, auditors and other key participants in the financial reporting process.”

Exposure Drafts ISAE 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, due September, 1 Proposed ISAE 3000 covers both reasonable and limited assurance engagements. Among other proposals, the ISAE introduces guidance designed to help readers better understand these two levels of assurance. It also includes guidance addressing direct engagements that have become common in the public sector and have been undertaken increasingly in the private sector. “Since 2003, when the existing standard was approved, practitioners and national standard setters have gained considerable experience with ISAE 3000 that has helped identify a number of opportunities to clarify how some of the core underlying concepts should be applied in practice,” explained James Gunn, IAASB Technical Director.

Information from the IAASB June Meeting ISA 610 IAPS 1000 and status ISRS 4410 ISA Implementation Monitoring ISA 610 AAA - American Accounting Association (Auditing Standards Committee) ACAG- Australasian Council of Auditors-General DGRV- Deutscher Genossenschafts- und Raiffeisenverband e. V. (German Cooperative and Raiffeisen Confederation) GAO- United States Government Accountability Office MOFBC- Ministry of Finance British Columbia PAS- Provincial Auditor Saskatchewan SNAO- Swedish National Audit Office WAO- Wales Audit Office ISA Implementation To consider the draft IAASB plan for a post-implementation review of the clarified ISAs in the light of feedback obtained from key stakeholders.