Date posted: 23/03/2020

In conversation with the global audit standard setters

Let's discuss current projects and future priorities with IAASB Chair Tom Seidenstein and Deputy Chair Fiona Campbell

In brief

  • We recently caught up with the IAASB’s Chair and Deputy Chair during their Australian visit
  • We discussed current projects such as quality management and less complex entities
  • We also cover the future of audit standard setting and the role of audit in emerging issues such as non-financial risks

I welcomed the opportunity to sit down with IAASB Chair Tom Seidenstein and Deputy Chair Fiona Campbell FCA during Tom’s recent visit to Australia and discuss a range of issues relating to audit standard setting.

“How can audit standards address the different challenges and context of SMEs and smaller and medium firm audit practices”

Video 1 covers the future of standard setting, embracing agile-standard setting and the board’s focus on keeping trust in our audit product.

Video 2 has our discussion on the scalability of audit standards, the challenges for small and medium firms and SME audits, and overall complexity of standards – the focus of the IAASB’s Less Complex Entity project.

Video 3 gives insights on how the forthcoming suite of quality management standards will improve audit quality by moving from a compliance to a quality management mindset, one the IAASB hopes will also aid in scaling the standards for firms of different sizes.

Video 4 discusses the board’s views on the role they have to play in emerging areas of concern for the profession and broader business and regulatory community globally – such as the management of non-financial risks, and assurance over non-financial information.

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