The Secretariat is pleased to provide below information and related links to items that are likely to be of interest to Members. This is a new initiative from the Secretariat and similar posts will be made regularly. Please visit the website frequently to read the latest news.

These links are shared for information and the awareness of IFIAR Members only. Any views and opinions expressed within are those of the authors and do not reflect any official policy or position of IFIAR.

Members

Australia

• June 30: ASIC released new information sheets to help companies, company officers and company auditors understand and comply with their obligations under the corporate whistleblower protection regime.

The Netherlands

• July 14: AFM published a new report on the big-4’s quality improvements efforts.
  • Points:
    • Preconditions for the quality of statutory audits assessed
    • The Big 4 are focusing on quality improvement and a quality-oriented culture
    • Quality safeguards need to be strengthened
    • New assessment to begin in 2020
    • Improving quality is an important issue for society

Singapore

• July 14: ACRA issued its latest report on Key findings from the third review cycle of the Financial Reporting Surveillanve Programme (FRSP)

United Kingdom

• July 6: UK FRC announced FRC principles for operational separation of audit practices
  • The objectives of operational separation, which is world leading, are to ensure that audit practices are focused above all on delivery of high-quality audits in the public interest, and do not rely on persistent cross subsidy from the rest of the firm.
  • An implementation plan should be submitted to FRC by 23 October 2020.
    • Ref. ACCA announcement “ACCA is supportive” (July 6)
    • FRC podcast (July 16)

International Organizations/Fora

Monitoring Group

• July 14: Monitoring Group published its Recommendations to Strengthen the International Audit and Ethics Standard-Setting System
  • The Monitoring Group developed these recommendations through extensive outreach including the following:
    • Issuance of a public consultation in 2017;
    • Discussions with international audit and ethics standard-setting, oversight, and auditing professional stakeholders;
    • Discussions held around the world with investors, regulators and other stakeholders; and
    • Discussions within and among the Monitoring Group member organizations.
      • Ref. IFAC Welcomes Next Phase of Engagement with MG (14 July)

COVID-19

Australia

• July 7: ASIC provided further information on focus areas for financial reporting in the COVID-19 environment for years ending 30 June 2020 following its guidance via the frequently asked questions already published on the ASIC website.

Canada

• June 30: CPAB published COVID-19 public company audit implications: cosiderations for audit committees

Japan

• July 1: JFSA published Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection in Quarterly Securities Reports  (English version : July 30)
• July 5: JFSA published Q&A on the Disclosure of Narrative Information Regarding the Impact of COVID-19 Infection – Key Points for Better Disclosure for Investors

United Kingdom

• July 2: UK FRC published a review of the policies and procedures auditors have been using during the on-going Covid-19 pandemic to assess whether companies are trading as a “going concern”.

United States

• July 31: PCAOB Posted Conversations with Audit Committee Chairs: COVID-19 and the Audit

IAASB

• June 26: IAASB published Covid-19 related guidance on auditing accounting estimates and related disclosures
• July 1: IAASB published Covid-19 related guidance on review engagements on interim financial information
• July 31:IAASB published IAASB Assists with Audit Considerations for the Impact of COVID-19

Wirecard

• July 15 : The European Securities and Markets Authority (ESMA) is to launch an assessment of the supervisory response in the financial reporting area by BaFin and the Financial Reporting Enforcement Panel (FREP) to the events leading to the collapse of Wirecard AG. It will be completed by 30 October 2020.

Ref: Wirecard: the timeline (Financial Times)