Audit Policy: The European Parliament Legal Affairs (JURI) Committee has released two sets of amendments of the Draft Report of Sajjad Karim on the proposed Statutory Audit Regulation. View (1), View (2) FEE is analysing these amendments. The amendments to the Draft Report of Saijjad Karim on the proposed Directive are also expected to be published soon.

 

ISAs: The International Auditing and Assurance Standards Board (IAASB) has released a proposal for the International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon, view, which would require auditors to read and consider information in certain documents that accompany audited financial statements and react where appropriate. View the article

 

Auditor Oversight: The Public Company Accounting Oversight Board (PCAOB) held its sixth Annual International Auditor Regulatory Institute, where representatives of auditor oversight bodies from 37 foreign jurisdictions had the opportunity to learn about PCAOB audit oversight programs, international inspection considerations, and current topics in enforcement and standard setting. View

 

IFAC SMP Quick Poll: The International Federation of Accountants (IFAC) is conducting another IFAC SMP Quick Poll to take a snapshot of the key issues confronting small- or medium-sized practices (SMPs) and their small- and medium-sized entity (SME) clients. The poll should take less than three minutes to complete and is open until 31 December, 2012. View

 

Integrated Reporting:  Paul Druckman, CEO of the International Integrated Reporting Council(IIRC), highlighted in a letter to the Financial Times that investors need a clearer picture of value creation. The integrated reporting movement, which seeks to encourage companies to tell a clear, concise and comparable story about how they create and preserve value, is gaining momentum with businesses from more than 20 countries globally testing a new prototype integrated reporting framework, which seeks to help companies reveal hidden value, manage risks and contribute to more stable and efficient capital markets. View

 

The annual seminar of the International Federation of Accountants (IFAC) focused this year on integrated reporting. Drawing upon the experiences and perspectives of integrated reporting in practical terms—the South African experience, how to implement integrated reporting, and how to address the challenges and opportunities for small- and medium-sized entities and accountancy practices. View

 

Education: The International Accounting Education Standards Board (IAESB) has released the revised International Education Standard (IES) 6, Initial Professional Development—Assessment of Professional Competence. View FEE had commented on the Exposure Draft. View