IAASB Strategy and Work Program for 2009-2011
The International Auditing and Assurance Standards Board (IAASB), which has responsibility for setting standards dealing with auditing, review, other assurance, quality control and related services recently released its Strategy and Work Program for 2009-2011. It says that an emphasis of its three-year strategy is the development of standards that:
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contribute to the effective operation of the world's capital markets
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and address the needs of small-and medium-sized entities and small and medium practices
This program is important to Australia, because the strategic direction of the Australian Auditing and Assurance Standards Board (AUASB) highlights that the AUASB should have regard to any program initiated by the IAASB in developing Australian standards. Of course, CPA Australia members performing audits need to comply with these Australian standards, and so will particularly interested in what the IAASB has to say about audits done by small and medium practices. CPA Australia regularly makes submissions and recommendations to both Standards' Boards to ensure that members' voices are always heard.