On Tuesday, 15 November 2016 PwC held a breakfast meeting with representatives of the International Auditing and Assurance Standards Board (IAASB)

The speakers of the event included Megan Zietsman, IAASB Incoming Deputy Chair and Enhancing Audit Quality and Group Audits Working Groups Chair and Rich Sharko, IAASB member and ISA 540 Task Force Chair.

NOFA Foundation was represented by Igor Kozyrev, Presidium Chair, Irina Krasilnikova, Director, Larisa Bocharova, Deputy Chair of the National Accounting Standards Board and Alla Ezhova, ISAs Traslation Project Manager.

The event highlighted the IAASB recently completed projects, the projects which are in the final preparation stage and in development.

In October 2016 within the framework of NOCLAR project (Non-compliance with law and regulations) ISA 250 (Revised) Consideration of Laws and Regulations in an Audit of Financial Statements was issued. This standard is effective for audits of financial statements for periods beginning on or after December 15, 2017. NOFA Foundation will fulfill the translation of ISA 250 (Revised) into Russian . Amendments made to ISA 250 will be covered in the next publication on the NOFA Foundation website.

ISA 540 Auditing Accounting Estimates, Including Fair Values undergoes a considerable revision. The second exposure draft of this standard will be presented in the period from December 2016 to March 2017. The final version of ISA 540 (Revised) will be issued in the beginning of 2018.

ISA 315 Identifying and assessing the risks of material misstatement through understanding the entity and its environment is being revised too. Realization of this project will affect ISA 220 Quality control for an audit of financial statements, ISA 240 The auditor’s responsibilities relating to fraud in an audit of financial statements, ISA 330 The auditor’s responses to assessed risks, ISA 600 Special considerations — audits of group financial statements (including the work of component auditors) and several others.

As part of enhancing audit quality changes to ISQC 1 Quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements and to ISA 220 Quality control for an audit of financial statements are being considered.

As part of Data analytics up to February 15, 2017 IAASB expects to receive the comments including those from the Russian professional community in order to carry out the research of technologies used for audit that apply data analysis.

As part of Audit of Small- and Medium-sized Entities Project, 4th Edition of The Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities will be published in spring 2017.

A regular IAASB conference is planned for January 2017 in Paris. It will be devoted to issues on small- and medium-sized entities.