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STANDARDS c o n t .

The following ISAs are affected by the proposed changes:


ISA 200,

Overall Objectives of the Independent Auditor and

the Conduct of an Audit in Accordance with International

Standards onAuditing;



Agreeing the Terms of Audit Engagement;


ISA 240,

The Auditor's Responsibilities Relating to Fraud in

anAudit of Financial Statements;


ISA 260 (Revised),

Communication with Those Charged

with Governance;



Planning anAudit of Financial Statements;


ISA 315 (Revised),

Identifying and Assessing the Risks of

Material Misstatement through Understanding the Entity

and Its Environment;



TheAuditor's Responses toAssessed Risks;


ISA 450,

Evaluation of Misstatements Identified during the




ISA 700,

Forming an Opinion and Reporting on Financial


Respondents were encouraged to submit their comments to

the IRBA by 28 August 2014, i.e. two weeks before the IAASB

comment date deadline of 11 September 2014, for

consideration of the CFAS Task Group preparing the IRBA

response. Comments could be submitted by email to

, in both a PDF andWord file.

Small andMediumPractices

The International Federation of Accountants (IFAC) Small

andMediumPractices (SMP) Committee

The SMP Committee of IFAC represents the interests of

professional accountants who work in SMPs. The committee

develops guidance and tools, and works to ensure the needs

of the SMP and small- and medium-sized entity (SME) sectors

are considered by standard setters, regulators, and policy

makers. The committee also speaks out on behalf of SMPs to

raise awareness of their role and value, especially in

supporting SMEs, and the importance of the small business

sector overall.

SMPs may find the publications available on the IFAC website

useful in running their practices, especially in the audit of


These publications have not been adopted by the IRBA as

they were not subject to the IAASB’s due process for

development of International Standards, or the CFAS due

process for adoption of International Standards and guidance.

However, SMPs may refer to the guidance issued by the SMP

Committee at their discretion, and may find the guidance

useful, but are advised that RAs are still required to apply all

auditing pronouncements adopted, developed and issued and

prescribed by the IRBA, including the IAASB International


The SMP Committee page is regularly updated with articles,

resources and other forms of support. ifac/small-and-medium-practices-committee


Issue 26 April - June 2014

Committee forAuditor Ethics (CFAE)

IRBABoard approved the Code of Professional Conduct

RAs are reminded that the IRBABoard approved the adoption

of the amendments made to the International Ethics Standard

Board for Accountants (IESBA) Code during 2013 as

amendments to the IRBA Code (2014) on 18 February 2014.

The IRBACode (Revised 2014), was issued on 17March 2014

and may be downloaded from the IRBA website:

In order to facilitate implementation of the IRBA Code

(Revised 2014), regard being had to its impact on the

inspections, investigations and disciplinary functions of the

IRBA, and as early adoption is permitted by both the IESBA

and the IRBA, the Board approved the incorporation of all the

amendments into the revised IRBA Code in February 2014,

with an effective date of 1April 2014.

IESBA issues exposure draft on

Proposed Changes to

Certain Provisions of the Code Addressing Non-

Assurance Services forAudit Clients

The IESBA, on 20 May 2014, released the

Proposed Changes

to Certain Provisions of the Code Addressing Non-Assurance

Services for Audit Clients

exposure draft, relating to certain

provisions of the Code addressing non-assurance services for

audit clients for public comment. As the IRBA Code of

Professional Conduct for RegisteredAuditors adopted PartsA

and B of the IESBACode, a CFAETask Group will consider the

proposed amendments to Part Aand B of the IESBACode and

will submit comments to the IESBA.

RAs and others were invited to submit any comments

regarding the proposed changes to the IRBA by 4 August

2014 (i.e. 2 weeks prior to the IESBA comment date deadline

of 18 August 2014) for consideration in preparing a response

to the IESBA to

, in word format. Copies

of the exposure drafts and links to the IESBA website are

included on the IRBA Ethics web page: