The International Auditing and Assurance Standards Board (IAASB) recently released its Strategy and Work Program 2012-2014, which laid out its goals of supporting financial stability on a global scale, maintaining accounting compliance and facilitating the adoption and implementation of its standards.
Enhancing auditor reporting standards was identified as the main priority for the plan, which will target a number of key factors, including audit quality, assurance engagements and disclosures.
“Our forward strategy is to build on the strong base of standards that has been developed to date, to address new assurance topics, and to further promote the benefits of the International Standards on Auditing (ISAs) and our other international standards,” said IAASB chairman Arnold Schilder in a statement. He added that the organization’s central areas of focus were those that had proven most important in the public interest – particularly auditor reporting.
Last month, Schilder announced at the American Institute of CPAs’ Spring Meeting of Council that the organization’s standards had been adopted by 87 countries, according to Accounting Today.
