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TITLE: MF8/2019: Invitation to Comment on IAASB’s Consultation Paper, Extended External Reporting (EER) and Proposed Strategy for 2020-2023 and Work Plan for 2020-2021

DATE: 10/04/2019

10 April 2019
Circular No. MF8/2019

TO ALL MEMBER FIRMS

INVITATION TO COMMENT ON IAASB’S CONSULTATION PAPER, EXTENDED EXTERNAL REPORTING (EER) and PROPOSED STRATEGY FOR 2020-2023 AND WORK PLAN FOR 2020-2021

1. INVITATION TO COMMENT ON IAASB’S CONSULTATION PAPER, EXTENDED EXTERNAL REPORTING (EER)
  The Institute is seeking comments on the International Auditing and Assurance Standards Board’s (IAASB) Consultation Paper, Extended External Reporting (EER).

The Consultation Paper sets out the first part of draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements. EER contains many different forms of reporting, including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about environmental, social and governance matters.

The consultation paper includes draft guidance covering:
  • The suitability of criteria (reporting framework or standards) used to prepare the EER report;
  • Preparer-developed criteria to determine the matters reported on (a preparer’s “materiality process”);
  • The types of misstatements that may occur in the EER report (building assertions);
  • The materiality of misstatements in the EER report;
  • The preparer’s governance and internal control over its process to prepare the EER report; and
  • Narrative and future-oriented information in the EER report.
The IAASB is seeking input on the draft guidance from all stakeholders, especially those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing engagements, preparers of EER reports, investors and other users, standard setters, and regulators.

Members, regulatory bodies and other interested parties are invited to submit your comments on the Consultation Paper to technical@mia.org.my by 9 May 2019.
   
2. INVITATION TO COMMENT ON IAASB’S PROPOSED STRATEGY FOR 2020-2023 AND WORK PLAN FOR 2020-2021
  The Institute is seeking comments on the IAASB’s Proposed Strategy for 2020–2023 and Work Plan for 2020–2021.

The evolving environment in which the IAASB operates, demands a strategy that reflects, among others, changing technology, a dynamic small and medium-sized entity landscape and emerging reporting needs.

The Proposed Strategy for 2020–2023 and Work Plan for 2020–2021 puts forth a way forward that the IAASB believes will meet stakeholders’ evolving needs and is in the public interest. Enhancement to the IAASB’s processes, including using technology and appropriate resourcing, are included in the strategy.

The Work Plan highlights the IAASB’s commitment to completing significant projects currently underway, while balancing the needs of different stakeholders.

This is, therefore, an opportunity for global stakeholders to play a role in shaping IAASB’s strategy and work plan, by commenting on the proposed draft.

Members, regulatory bodies and other interested parties are invited to submit your comments on the IAASB’s Proposed Strategy for 2020–2023 and Work Plan for 2020–2021 to technical@mia.org.my by 9 May 2019.

Please be guided accordingly.

DR. NURMAZILAH DATO' MAHZAN
Chief Executive Officer

Description: EER-Consultation-Paper
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Format: PDF
Size: 787 KB

Description: IAASB-Proposed-Strategy-2020-2023
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Format: PDF
Size: 1 MB