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April 2022

Financial Reporting Dossier

By Vinayak Pai V
Chartered Accountant
Reading Time 19 mins
A. KEY RECENT UPDATES

1. IAASB - ISA 220, First-time Implementation Guide

On 17th February, 2022, the International Auditing and Assurance Standards Board (IAASB) released a First-time Implementation Guide for ISA 220, Quality Management for an Audit of Financial Statements. The publication is non-authoritative guidance to assist stakeholders in understanding the requirements of ISA 220 and implementing the standard in the manner intended. ISA 220 (R) focuses on quality management at the audit engagement level and requires the audit engagement partner to actively manage and take responsibility for the achievement of quality. It may be noted that practitioners must have quality management systems designed and implemented according to ISA 220 by 15th December, 2022. [https://www.ifac.org/system/files/publications/files/IAASB-ISA-220-first-time-implementation-guide.pdf]

2. IESBA - Proposed Revisions to Code Relating to Definition of Engagement Team and Group Audits

On 28th February, 2022, the International Ethics Standards Board for Accountants (IESBA) issued an Exposure Draft (ED) proposing revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards). The ED establishes provisions that comprehensively address independence considerations for firms and individuals involve
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