The International Federation of Accountants (IFAC) released the second part of a three-part publication series to help small and medium-sized entities (SMEs) implement the International Auditing and Assurance Standards Board’s (IAASB’s) quality management standards, a news release said.
The report, according to the release, provides “a step approach to identifying your quality objectives; completing your quality risk assessment process; identifying existing, or creating new, responses to those quality risks; and implementing, documenting, and communicating your system of quality management”.
Installment Two also:
- Addresses the eight components of the IAASB’s International Standard on Quality Management 1; Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
- Contains an example case study to illustrate the transition from the International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements; and
- Includes multiple documentation aids covering independence, acceptance and continuance of clients and engagements, resources, and outside consultation, as well as a sample checklist for engagement quality reviews.
“Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management,” the release said. “Installment Three, expected later this year, will cover monitoring and remediation.”
FRC publishes TAS 100 guidance, revisits disclosure of dividends
The UK Financial Reporting Council (FRC) announced its publication of further guidance to help actuaries comply with TAS 100 modelling requirements. Version 2.0 of TAS 100 applies to technical actuarial work that is completed on or after 1 July. The new version was published on 3 March.
“The purpose of FRC technical actuarial guidance is to improve the quality of technical actuarial work by assisting actuaries in the interpretation of, and use of judgement in applying, principles-based technical actuarial standards,” the release said. “The guidance will be of particular use for actuaries but will also have wider interest for users of actuarial information and those interested in actuarial quality, such as audit committee members and pension scheme trustees and sponsors.”
The FRC also released an insight report that revisits key themes from the FRC Lab’s previous report on the disclosure of dividends policy and practice. It reconsiders them with the current economic environment in mind.
“It is not only investors who are interested in the decision-making around dividends; it is also of interest to a wider set of stakeholders interested in the stability of a company and its future prospects,” the publication said. “Whilst in the medium term, the government intends to introduce legislation for additional disclosure in this area, there are aspects where more focused disclosure would already be useful to investors and other stakeholders.”
IASB seeks academics for standard research
The IASB is looking to appoint two to three researchers to complete a research project on IFRS 7, Financial Instruments: Disclosures, a news release said. The project will commence on 1 August and should be completed by 1 December.
A fee of £8,000 will be payable for the project. See the release for more details.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.