Alignment of Part 4B with ISAE 3000

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Presentation transcript:

Alignment of Part 4B with ISAE 3000 Liesbet Haustermans, IESBA Member Task Force Chair IESBA Meeting New York, USA March, 2019

TF response to Board member comments - 1 Part 4B – ISAE 3000 alignment TF response to Board member comments - 1 Paragraph 900.5 - revisions made to avoid any suggestion that the requirement to comply with the fundamental principles and be independent only applies to assurance engagements other than audit and review engagements R921.5(b) – added ‘in an attestation engagement’ which was previously omitted in error

TF response to Board member comments - 2 Part 4B – ISAE 3000 alignment TF response to Board member comments - 2 Multiple Responsible Parties (900.16 A1) TF determined not to revise the paragraph in order to allow for professional judgment as to whether all of the provisions can be disapplied in the case of a trivial or inconsequential interest or relationship TF reconsidered whether to extend to multiple parties taking responsibility for the subject matter information. The TF continues to believe this is a highly unlikely situation and explains this view in the Explanatory Memorandum for respondents to consider

Revisions to the Glossary - 1 Part 4B – ISAE 3000 alignment Revisions to the Glossary - 1 Assurance Engagement – Amended italicised text to read: ‘In Part 4B, the term ‘assurance engagement’ refers to addresses assurance engagements that are not audit or review engagements’ Definition of ‘criteria’ added to help the user to understand the concepts of an attestation and direct engagement

Revisions to the Glossary - 2 Part 4B – ISAE 3000 alignment Revisions to the Glossary - 2 Definition of ‘measurer or evaluator’ deleted as this only appears once in Part 4B where it is defined Definition of ‘responsible party’ amended Definition of ‘subject matter information’ added and consequent deletions made of definitions of SMI embedded in paragraph 900.7 and in the definition of ‘assurance engagement’

Revisions to the Glossary - 3 Part 4B – ISAE 3000 alignment Revisions to the Glossary - 3 Definition of ’underlying subject matter’ added Definitions cross-checked to ISAE 3000 (Revised) and minor amendments made