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Audit: 2008 achievements and 2009 priorities

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2008 achievements 
Reporting changes, notably those around reporting energy and greenhouse gas emissions, will start to impact some large emitters in the year to June 2009. The Institute has recognised how important this reporting is and has lobbied government regarding the need for mandatory assurance of these. The Institute has also been active in advocating for the standard setter to issue either guidance or a new standard to assist practitioners in this area.  
 
Highlights for 2008 included

  • The creation of the Institute's audit manual and toolkit designed to help small to medium practices meet changing audit requirements and conduct audits in line with necessary legal requirements. Both the manual and toolkit were recieved extremely well by practitioners
  • The production and promotion of a thought leadership paper entitled The Benefits of Assuring Carbon Emissions Disclosures which addresses the need for a global assurance standard on carbon emissions and the importance of having these measures assured by an expert
  • Recognising the continued growth in the self-managed superannuation funds (SMSFs) sector and in conjunction with the two other accounting bodies, the Institute produced a set of competency requirements for auditors who audit SMSFs
  • Lobbying the Auditing and Assurance Standards Board (AUASB), regarding the importance of having a guidance statement to assist auditors of SMSFs, which led to the AUASB issuing GS 009 auditing self-managed superannuation funds
  • An update to the co-regulatory independence guide to assist members in the practical application of the professional independence standards, in light of amendments to the Corporations Act
  • Ongoing discussions with the Department of Climate Change regarding the need for emissions reporting under the National Greenhouse Reporting Scheme (NGERS) to be audited prior to lodgement.
'The environment and the global economic downturn have been key agenda items for the Institute in lobbying, leadership and communication activities throughout 2008,' said Andrew Stringer, Institute of Chartered Accountants, Head of Audit.  
 
2009 priorities 
'A major initiative will be the priority for the Institute and the accounting profession as a whole in 2009 regarding the AUASB's revision and updating of the 35 current Australian Auditing Standards in 'clarity' format. In 2009, the Institute will launch a major communications campaign to ensure all members are aware of the changes to the standards and their implications,' said Mr Stringer. 
 
Relevant links 
 
Last updated: Thursday, 4 December 2008