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IAASB, IESBA increase collaboration with national standards setters

The International Auditing & Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) have issued a brief update  on the outcome of their 16-17 May meeting in Paris with national audit and ethics standard-setting organizations representing 17 jurisdictions.

The IAASB and IESBA dubbed this four-way dialogue (IAASB + IESBA + national audit & assurance + ethics standards setters) a “quadrilogue”. The name appears to have stuck.

The discussions marked the beginning of an exploratory and evolutionary process for the IAASB and IESBA to work with national standard setters, and for national standard setters to work with each other, to consider new ideas in pursuit of mutually shared objectives.

The meeting advanced IAASB and IESBA coordination efforts, which acknowledge the importance of audit and ethics standards to audit quality. The meeting facilitated further collaboration between a number of national audit and assurance standard setters and the IAASB, as well as identifying ways national standard setters can work more effectively together in the interests of international standard setting.

Among the themes that have already emerged from the so-called ‘quadrilogue’ are:

  • the value of continued IAASB and IESBA coordination, the significant advances made to-date, and how the relationship serves as a catalyst for national coordination;
  • the importance of early coordination between the two boards, and increased stakeholder communications about it;
  • recognition that it is important to identify the areas where four-way engagement makes most sense; and
  • quality management within accountancy firms, implications of technology developments, stakeholder engagement, and enhanced implementations activities have all been identified as  possible topics for further exploration.

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