Professional Skepticism and Professional Judgment

Slides:



Advertisements
Similar presentations
Page 1 Conflicts of Interest Peter Hughes IESBA December 2012 New York, USA.
Advertisements

Page 1 | Proprietary and Copyrighted Information Structure of the Code Don Thomson, Task Force Chair IESBA Meeting New York, USA April , 2015.
Page 1 | Confidential and Proprietary Information REVISION of IES 4 Saleem Kharwa.
Page 1 | Proprietary and Copyrighted Information Safeguards Gary Hannaford, Task Force Chair IESBA Meeting New York, USA September 15, 2015.
Page 1 | Proprietary and Copyrighted Information Structure of the Code Don Thomson, Task Force Chair IESBA Meeting New York, USA November 30 – December.
Page 1 | Proprietary and Copyrighted Information Structure of the Code Don Thomson, Task Force Chair IESBA Meeting New York, USA April , 2015.
Conflicts of Interest Peter Hughes IESBA June 2012 New York, USA.
Page 1 | Confidential and Proprietary Information Review of Part C Jim Gaa, Chair, Part C Task Force IESBA CAG Meeting New York, USA September 14, 2015.
Page 1 | Proprietary and Copyrighted Information Structure of the Code Don Thomson, Task Force Chair IESBA Meeting New York, USA September 15-16, 2015.
Page 1 | Proprietary and Copyrighted Information Safeguards Gary Hannaford, Task Force Chair IESBA CAG Meeting New York, USA September 14, 2015.
Page 1 Professional Skepticism Prof. Annette Köhler, IAASB Member and Working Group Chair IAASB CAG Meeting September 15, 2015.
Page 1 | Proprietary and Copyrighted Information Safeguards Gary Hannaford, Task Force Chair IESBA Meeting New York, USA June 29 – July 1, 2015.
Page 1 | Proprietary and Copyrighted Information Professional Skepticism Richard Fleck, IESBA Deputy Chair Tone Sakshaug, IESBA Technical Advisor IESBA.
Structure of the Code Phases 1 and 2 Revised Texts
Professional Skepticism
Structure of the Code – Phase 1
Professional Skepticism
Professional Skepticism (PS)
IESBA CAG Meeting September 14, 2016
Safeguards- Feedback on Safeguards ED-2 and Task Force Proposals
Structure of the Code Don Thomson, Task Force Chair IESBA Meeting
Review of Part C Phase 2 - Applicability
Review of Part C of the Code – Applicability
Structure of the Code Phase 1
IESBA Meeting New York December 12-15, 2016
IESBA Meeting September 19-22, 2017
Structure of the Code – Phases 1 and 2
Structure of the Code – Phase 2 TF Comments and Proposals
Structure of the Code Don Thomson, Task Force Chair IESBA Meeting
Professional Skepticism
Professional Skepticism and Professional Judgment
ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment Fiona Campbell, ISA.
IAASB-IESBA Coordination
Structure of the Code Phase 1
Proposed ISRS 4400 (Revised)
EER Assurance September 2018
Structure and Safeguards
The IAASB’s Future Strategy
Professional Skepticism
Safeguards Phase 2 Gary Hannaford, Task Force Chair IESBA Meeting
Inducements Mike Ashley – IESBA Member and Task Force Chair
Professional Skepticism – Longer-Term Initiative
Quality Management at the Engagement Level Proposed ISA 220 (Revised)
Megan Zietsman, Task Force Chair IAASB Meeting, New York, USA
IAASB-IESBA Coordination
Structure–Feedback on Structure ED-2 and Task Force Proposals
Don Thomson, Task Force Chair IESBA Meeting New York July 7-9, 2014
Structure of the Code Phase 2
IESBA Meeting New York September 26-30, 2016
Quality Management at the Engagement Level Proposed ISA 220 (Revised)
Professional Skepticism and Professional Judgment
Proposed ISQC 1 (Revised)
Professional Skepticism
Professional Skepticism
Alignment of Part 4B with ISAE 3000
Inducements Mike Ashley – IESBA Member and Task Force Chair
Structure of the Code Don Thomson, Task Force Chair IESBA CAG Meeting
IAASB-IESBA Coordination
Review of Part C of the Code – Applicability
Promoting the Role and Mindset Expected of Professional Accountants
Alignment of Part 4B with ISAE 3000
IESBA Meeting New York March 11-13, 2019
Fees – Issues and Proposals
IESBA CAG Meeting New York March 4, 2019
Alignment of Part 4B with ISAE 3000
Alignment of Part 4B with ISAE 3000
2017 Mid-year IAS AAA meeting Tampa January 19, 2017
IESBA Meeting Tennessee, USA June 17-19, 2019
Lyn Provost, IAASB Member and Task Force Chair IAASB Meeting
Technology Bob Dohrer, Technology Working Group Chair
Presentation transcript:

Professional Skepticism and Professional Judgment Richard Fleck, Task Force Chair IESBA Meeting Livingstone, Zambia December 4-8, 2017

Approach to Presentation Introductory remarks “Walk-through” revisions to proposed texts Summarize input since last meeting CAG meeting IAASB representatives of PSWG Thanks for advance input, including editorial refinements TF meeting this evening to turnaround document

Revisions Made Since Sept 2017 IESBA Meeting No changes of substance Changes responsive to suggestions received 120.13: Examples developed – general introduction followed by examples and then conclusion 120.5: Broadened range of areas to be considered Split final paragraph

120.13 A1/2: Fatal flaw comments from IAASB PSWG The drafted language in 120.13 A1, in particular the use of “and” appears to imply that currently, the exercise of professional skepticism supports compliance with the fundamental principles, a matter to be addressed by the IESBA’s Long Term PS project commencing in 2018 as noted in Agenda Item 5A. The manner in which the examples have been drafted in 120.13 A2 related to Integrity, Objectivity, and Professional Competence and Due Care suggest that profession skepticism is exercised simply through compliance with the fundamental principles.

120.5 - Application Material  General Comment: Concern that the application material has implications for non-assurance engagements (e.g. Agreed-Upon Procedures and Compilations) - in particular at the effect on the work effort that may be required to determine that the fundamental principle of due care has been complied with.

120.5 A2: Fatal flaw comments from IAASB PSWG The phrase “obtain an understanding” used within the ISAs is associated with considerable work effort in an audit context—to avoid confusion, suggest using the phrase “understand” in paragraph 120.5 A2. The drafted language within paragraph 120.5 A3 appears to obligate the professional accountant to obtain additional information above and beyond the ‘known facts and circumstances,’ which is inconsistent with the drafting in 120.5 A2.

Fatal Flaw Comments from PSWG IAASB Reps Discussion