ICAB
Harmonization of Financial Reporting and
Audit Practices: Bangladesh Perspective
Dhaka – 23 February 2013
Anwaruddin Chowdhury fca
Member Council & Past President ICAB, Director CAPA Board
Regulators, Standards Setters & Professional Bodies
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PREAMBLE
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Recent Developments – Impact on FR & AP
Global Scenario – Economic Recession (DAVOS/IMF)
Global Financial Crisis/ Euro zone Debt Crisis
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Regulatory Failure – Sub-prime Lending / Derivatives
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Important Role of Accountants - Global Recovery
G-20 Pittsburg Summit 2009 Declaration
Critical Nature of Financial Markets
Convergence to Globally Harmonized High Quality
Independent Accounting/FR Standards
Simplification of FI Standards
Lessons Learnt & Way Forward
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PREAMBLE
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Political implications of 9/11
Corporate Frauds of New Millennium – Enron
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Corporate Governance Failures (Greed)
Role of Auditors and Rating Agencies
Collapse of Arthur Andersons ?
Lessons Learnt / Way Forward
Strengthening CG Practices
Oversight Regulatory Bodies
ASEAN Financial Crisis (late 90s)
 Inadequacy of Financial Reporting
 Lessons Learnt / Way Forward
11
IAS/IFRS AND ISA –GLOBAL ACCOUNTING/ REPORTING
AND AUDIT CODES FOR HARMONIZATION OF FR & AP
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Moving to IAS/IFRS – Rationale.
Forces Driving Harmonization
Accounting as ‘lingua franca’ –Dimensions
Role of IASB & IFAC (IAASB/IPSASB)
Role of IOSCO
Role of ISAR
Role INTOSAI
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HARMONIZATION OF ACCOUNTING AND FINANCIAL
REPORTING PRACTICES /POSITIVE DIMENSION

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Forces Driving Harmonization
General Considerations
Significance of IFRS Harmonization
Benefits of IFRS Harmonization
Harmonization Benefits to Multinationals
WTO Ministerial 1996 – Implications
G-20 Pittsburg Summit Declaration
European Convergence 2005
American Convergence 2015 ?
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FACTORS DRIVING STANDARDIZATION
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Deregulation & Liberalization of Economies
Accelerated Globalization Catalyzing Harmonization
Entry by Multinational Corporations
Increased External Competition
Need for Regional/Global HFR&AP
- Donors/Transparency/Corp Govnce.
Foreign Competitiveness – FDI
Increased Government/Society/Client Expectations
Rapidly Evolving Inform. & Comm. Technologies
Increased Clientele Knowledge & Changed Attitudes
Global Economic Scenario –Recession (GFC/EDC)
Transferability of Knowledge, Skills and Competence
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INTERNATIONAL STANDARDS SETTING BODIES

Standard Setting Bodies
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IFAC
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IAASB = ISA/IAPS (Prvt Sec Aud Stds)
-
IPSASB= IPSAS (Publ Sec Accg Stds)
IASB = IFRS (Prvt Sec Accg/FR Stds)
INTOSAI = ISSAI (Publ Sec Aud Stds)
UNCTAD ISAR = (Prvt Sec Accg Gudls)
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STANDARDS SETTING/ADOPTION PROCESS

Standard Setting Process
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IAS/IFRS
ISA/IAPS
ICAB Adoption Process
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BAS/BFRS
BSA/BAPS
IPSAS (OCAG)
ISSAIs (OCAG)
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INTERNATIONAL STANDARDS SETTING
BODIES/PROCESS
Accounting
Auditing
IASB
IFAC
(Steering Comm)
(IAASB)
(Exposure Drafts)
IFRS
(formerly IAS)
(Discussion Drafts)
ISA
(and IAPS)
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HARMONIZATION MEANING
Harmonization of Financial Reporting refers to the
process
of
standardized
convergence
through
overcoming inconsistencies and narrowing differences
in accounting principles and treatment (recognition
and measurement) and presentation (disclosure) of
items in Financial Statements. Harmonization of Audit
refers to the process of standardized convergence
through overcoming inconsistencies and narrowing
differences in conducting the audit (methodology
application) and reporting on the audit of Financial
Statements (audit report). HFR&AP ensures greater
accountability of management decisions and credible
transparency of reported financial information thereby enhancing good governance in corporate
sectors and providing reliable information to user
groups (stakeholders) for decision making purposes.
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NEED FOR IAS/IFRS HARMONIZATION
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Implementation of International Best Practices
Global Convergence of Accounting/FR Regimes
IOSCO Compliance- Cross Border Listing of Securities
Enable Structured Uniform Presentation of FS
Encourage Global Investment Opportunities
Facilitate Cross-border Mergers and Acquisitions
Credibility of FS by Regulators & Stakeholders
Reduce Capital Cost for Foreign Companies
Ensure Global Comparability of Financial Statements
- Accounting Principles, Treatment
(Recognition & Measurement)
- Presentation/Disclosure of Items in FS
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BENEFITS OF IFRS HARMONIZATION
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Global Comparability of Financial Information
-
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Transparency
Understandability
-
Relevance
Reliability
Access to Foreign Capital Markets
Credibility of Domestic Capital Markets for FDI
Reduced Cost of Capital to Foreign Companies
Compliance with GATS/WTO Provisions
Greater Objectivity in Audit of FS
Reduced National Standard setting Costs.
Local Implementation Guidelines, Adaptation
Global Professional Credentials
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HARMONIZATION BENEFITS TO MULTINATIONALS
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Improved Accessibility to Foreign Investor Funds.
Improved Management Control
Enhanced Appraisal Facilitation
Ensures Foreign Stock Exchanges Compliance
Permits Consolidation of Subsidiaries and Associates
Audit Costs Reduction
Transferability/Mobility of Accounting Personnel
Determination of Global Tax Assessments
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HARMONIZATION OF AUDITING PRACTICES

General Considerations
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Stewardship System of Financial Reporting
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Audit Administration Methodology
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Significance of ISA Harmonization
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Benefits of ISA Harmonization
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ACCOUNTABILITY FOR STEWARDSHIP SYSTEM OF
FINANCIAL REPORTING
Directors
Auditor
Shareholders
Ownership
Management
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AUDIT ADMINISTRATION PROCESS
Knowledge of Business Risk
Assessment Letter of Engagement
Initial Discussion
Commencement of Audit
Accounting System &
Internal Control
Planning
Controlling
Documentation
Audit Methodology
Evidencing
Review of Financial Statements
Post Audit Review
Audit Report
Completion of Audit
Submission of Audit Report
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HARMONIZATION OF PUBLIC SECTOR ACCOUNTING
AND AUDITING PRACTICES
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Objectives & Dimensions
Strengthening PSFM/Public Sector Accg & Audit
OCAG Accounting & Auditing Function
Implementation of D.E. Accrual Accounting
Application of IPSAS in PS Accounts
Application of ISSAIs in PS Audits
Performance Audit/Environment/Forensic Audits
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GOVT / PUBLIC SECTOR FINANCIAL ACCOUNANTABILITY
Stakeholders
Constitution
Govt. Agencies
SAI / CAG
CAG FUNCT ACT-1974
Ownership
Citizens
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PUBLIC SECTOR PURVIEW

IPSASB Framework
“Public sector refers to Governments, Regional Government, Local
Governments & Related Government entities including Agencies,
Boards, Commissions & Enterprises”
 Bangladesh Public Sector - All Arena of Public Services:
 Government Ministries
 Divisions /Directorates / Departments
 Government Sub-Ordinate Offices
 Local Government Authorities
 Autonomous/Semi-Autonomous Bodies
 Public Sector Corporations
 Foreign Aided Projects (SCOPE/SPEMP B)
 State Owned Enterprises (SOEs)
 State Owned Bank (SOB)
 Hospitals/Educational Institutions etc.
 LGIs –City corps, Municip, UPs
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IMPORTANCE OF FINANCIAL REPORTING SYSTEM FOR
GOVERNMENTS / PUBLIC SECTOR
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Increased Accountability/Transparency of Public Funds
Developing Public Sector Awareness of Govt. Spending
Credibility of Financial Information for Public Trust
Timeliness for Good Governance and Decisions
Increased Credibility for Attracting FDI
Assurance to Development Partners
Improved Sovereign Rating Awards
Efficient Financial Reporting
Development & Public Welfare.
System
for
Economic
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GOVERNMENT PUBLIC SECTOR REPORTING
- CASH / ACCRUAL ACCOUNTING
Cash Flows
Budget
Cash Flows
Actuals
Revenues,
Revenues, Expenses
Expenses Budget
Actuals
Assets, Liabilities
Assets, Liabilities
Estimate
Actuals
Cash
Accounting
(SE)
Accrual
Accounting
(DE)
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CASH-BASIS IPSAS: TRANSITION STEP TO ACCRUAL
IPSAS (OCAG BANGLADESH)
Accrual
Accounting
IPSAS 1-32
(Accrual DE)
Cash-Basis
IPSAS
(Transition
Step)
Current
policies
(Cash SE )
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ACCRUAL AND CASH ACCOUNTING : AN INTEGRATIVE
APPORACH
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PUBLIC SECTOR AUDITOR’S ROLE
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Determining Oversight
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Meet Expectations of Development Partners
Facilitating Foresight
Increasing Insight
Conducting Objective Independent Financial Audit
Conducting Performance/VMA Environment and IT Audit
Enhancing Economy, Efficiency & Effectiveness
of Resources Utilization of Audit Entities
Ensuring Transparency of Financial Information
Assuring Accountability of Management Decisions
Combating Corruption, Misuse & Wastage
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PUBLIC SECTOR AUDIT FOCUS
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Emphasis on Expenditure
Availability of Budget
Authorization By Competent Authority
Payment Acknowledged By Right Person
Government Rules And Procedures Complied
Expenditures Properly Classified
Justification Of Expenditures
Emphasis on Cash Expenditures And Cash Income Not on Accruals (Cash Basis IPSAS)
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PROSPECTIVE HARMONIZATION NEEDS
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Harmonization for SME Reporting
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Harmonization for NGO/MFIs Reporting
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Harmonization for Sustainability Reporting
Harmonization for Integrated Reporting
Harmonization for Alternative Financial System
Harmonization for Other Forms of Reporting Entities
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REGIONAL HARMONIZATION OF FINANCIAL
REPORTING AND AUDIT PRACTICES
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South Asian Federation of Accountants (SAFA)
Confederation of Asian & Pacific Accountants (CAPA)
Role of Regional Harmonization Role
Standardization of Adoption Process
SAFA BPA & CG Awards – Positive Dimension
ICAB National Awards for BPA&R
– Catalyst for Best Presented Corporate Reports
(Highest Winner in SAFA contest)
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INSTITUTIONAL LEGAL REGULATORY
FRAMEWORKS IN BANGLADESH
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Responsibility for Preparation & Audit of FS
Legal Regulatory Framework
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CA/SER/BCA/IA/Listing Rules
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RJSC/SEC/BB/IDRA/Stock Exchanges
ICAB - Role / Bye Laws
Current Adoption Status – (Appendices)
Legal Enforceability of Standards
Implementation Status of Standards
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FINANCIAL REPORTING IN BANGLADESH
REGULATORY AND INSTITUTIONAL FRAMEWORK
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Annual FS are prepared and presented within a
framework of recognized accounting principles, rules and
regulations some mandatory some recommendatory.
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CA 1994 provides basic requirements for accounting and
reporting of all companies - Silent about IAS/BAS.
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SER 1987 [Rule 12 (2) & (3)] requires mandatory
compliance with the adopted IAS/IFRS and the ISA.
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BCA ‘91 mandates reporting formats and disclosures
IA ‘12 Compliance requirements
Govt Orders – Public Sector corporations/SOEs/SOBs
NGOs and MFIs Accounting and Reporting
Tax Laws Effecting FR Presentation (Non-Listed)
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ADOPTION STATUS OF STANDARDS
IAS/IFRS & IPSAS = Appendix I & III
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Total IAS Extant = 29
Total Adopted = 28
Not Adopted = 01 (Hyperinflation)
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Total IFRS Issued = 13
Total Adopted = 12
Not Adopted = 01 (Fin Ins)
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IFRS on SMEs = Adopted (1-1-13)
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IPSAS Issued 33 = Not Considered by ICAB
(Cash IPSAS by OCAG)
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SIC/IFRIC = Not Adopted by ICAB
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ADOPTION STATUS OF STANDARDS
ISA /IAPs & ISSAIs – Appendix II & IV
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Total ISA Issued/Extant 36=All Adopted
IAPS Issued & Adopted = 8
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ISA Framework, BSQC1, Glossary = Adopted
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IFAC Code of Ethics, BSQC1 = Adopted
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IFAC SMOs (7) = Fully Compliant
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ISSASIs Issued 37 = Not Considered by ICAB
(Implemented by OCAG)
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ENFORCEABILITY STATUS OF ADOPTED STANDARDS
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Legal Mandate –
Statutorily Enforceable for listed companies under SEC
Rules 1987 (including Banks, Insur Cos & NBFIs). No
legal observance requirement in CA/other statutes
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Professional Mandate –
Not yet professionally mandatory/Enforceable through
CA Bye-Laws 1973
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Other Considerations
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CHALLENGES AND PROSPECTS OF
HARMONIZATION IN BANGLADESH

Challenges/Limitations of Harmonization
= Refer Conference Paper
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Major Challenges
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Opportunities /Prospects
= Refer Conference Paper

Major Prospects
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MAJOR CHALLENGES
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Major Challenges - Standard Setting/Adoption stage

Speedy adoption of IFRS & ISA suffers from lack of
technical and financial resources.
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Existing laws sometime contrary to IFRS provisions,
acting as major impediments to the adoption process.

Fair Value Accounting Limitations – market
imperfections;
lack of familiarization, information
flow and reliability of available data & stats.
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MAJOR CHALLENGES
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Major Challenges at Implementation Stage
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Management Mindset –Averse to Changes
Lack of awareness, understanding & application skills
by preparers and auditors about IAS/IFRS and ISA
Lack of accountability of management decisions and
transparency of financial information
Lack of resources, knowledge, technical skills and
competence of regulatory agencies to monitor
/enforce compliances with Standards.
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MAJOR CHALLENGES
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Need for constant updating
Fund and technical resource constraints to monitor
implementation of IAS/IFRS & ISA
Lack of mandatory legal compliance provisions
Lack of implementation guidelines for BAS/BFRS
Low level of audit fees
Demand–supply gap of qualified accountants
FVA limitations-market imperfections
Concerted training program on IAS/IFRS and ISA
Capacity building and institutional development of
regulatory agencies and professional bodies
Technical assistance for training
Mandate Professional enforceability of standards
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MAJOR PROSPECTS
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Mindset Changes – Regulators/Business Entities
Transformation of Corporate Culture
Significant Improvement in Financial Reporting Practices
SAFA BPA & CG Awards- Positive Dimension
ICAB National Awards for BPAR- Catalyst for Remarkable
Corporate Reporting Harmonization
Corporate Governance Practices
Role of SAFA/CAPA in Regional Harmonization
Credit Rating Requirement
QAB -Incentivization for Harmonization
Proactive Role of ICAB :
- PPP for Improved Quality Assurance with OCAG
- Training of NBR/BB Officials/ Others Agencies
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POLICY ISSUES & RECOMMENDATIONS

Policy Issues & Recommendations
= Refer Conference Paper
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Major Issues & Recommendations
NO FRA / FRC B
= Superimposition of Redundant Oversight Body
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MAJOR ISSUES AND RECOMMENDATIONS
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Composition of multi-disciplinary Task Force for HFR&AP
Different reporting regimes need to be established for:
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Public limited companies (listed & unlisted)
Large private companies
Small & medium sized entities (SMEs)
State owned enterprise (SOEs)
NGOs & MFIs
Other Forms of entities- Cooperatives
Strategic Project - capacity building/institutional
development project should be undertaken of ICAB
TRC & QAB of ICAB should be strengthened
Effective Seminars/Workshops – Stds Dissemination
Preparation of Implementation Guidelines for Stds
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MAJOR ISSUES AND RECOMMENDATIONS
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SAFA/CAPA platform for regional Harmonization
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Mandatory implementation of Corporate Governance
Listed Cos must employ qualified accountants
Audit/Professional Fees Enhancement
Awareness of IAS/IFRS & ISA in Entities & Auditors
practices (codes) for strengthening HFR&AP
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Broadening credit rating mandate
Refer Conference Paper
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THE WAY FORWARD
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Enabling Environment for Application of Standards
Capacity Building/Strengthening of Institutions
Regulatory Mandate for Application of Standards
Establish SEC/ICAB Joint Monitoring Board
Stimulate Changes Leadership Decisions for HFR&AP
Strengthening Learning Partnership with ICAEW
OCAG PPP for Improved AQA Knowledge Sharing
Impart Knowledge Sharing Training (NBR/BB)
Adequate Implementation of ICAB Strategic Plans
Finalization of ICAB Council Composition Reforms
Top Priority – No Superimposition of FRC
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CONCLUSION
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Application of harmonized Standards impact
positive dimension for achievement of qualitative
characteristics to reflect high quality globally
comparable true & fair view Financial Statements

Standard-setting/adoption should be sustained as a
progressively continuous process

Government must legislate, the Business, Profession
and Regulators must work cohesively to ensure
convergence onto IAS/IFRS & ISA - thereby playing
their due roles for HFR&AP

Think global > See regional > Act local
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Will IR get off the ground ?
Looks Like –Yes,
(If so-How and When ? Implications ?)
(If not –Reasons & Remedies ?)
HAPPY FINANCIAL REPORTING
AND AUDIT PRACTICES
HARMONIZATION
ENHANCE THE PROFESSIONAL IMAGE
MEET CHALLENGES & UTILIZE OPPORTUNITIES
ALL THE VERY BEST
APENDICES
Appendix I (A) - Adoption Status of International Accounting Standards
(IAS) by ICAB as Bangladesh Accounting Standards (BAS)
IAS/ BAS
Title of Adopted IAS as BAS
Effective DateApplicable on or after
1 Jan 2007
1
Presentation of Financial Statements
2
Inventories
1 Jan 2007
7
Statement of Cash Flows
1 Jan 1999
8
1 Jan 2007
10
Accounting Policies, Changes in Accounting
Estimates and Errors
Events After the Reporting Period
11
Construction Contracts
1 Jan 1999
12
Income Taxes
1 Jan 1999
16
Property, Plant and Equipment
1 Jan 2007
17
Leases
1 Jan 2007
18
Revenue
1 Jan 2007
19
Employee Benefits
1 Jan 2004
20
Accounting for Government Grants and Disclosure
of Govt Assc
The Effects of Changes in Foreign Exchange Rates
1 Jan 1999
21
1 Jan 1999
1 Jan 2007
53
IAS/ BAS Title of Adopted IAS as BAS
23
Borrowing Costs
Effective DateApplicable on or after
1 Jan 2010
24
Related Party Disclosures
1 Jan 2007
26
27
Accounting and Reporting by Retirement Benefit 1 Jan 2007
Plans
Consolidated and Separate Financial Statements
1 Jan 2010
28
Investments in Associates
1 Jan 2007
29
Financial Reporting in Hyperinflationary Economics
Not adopted
31
Interests in Joint Ventures
1 Jan 2007
32
Financial Instruments: Presentation
1 Jan 2010
33
34
36
Earnings per Share
Interim Financial Reporting
Impairment of Assets
1 Jan 2007
1 Jan 1999
1 Jan 2005
37
38
Provisions, Contingent Liabilities and Contingent 1 Jan 2007
Assets
Intangible Assets
1 Jan 2005
39
40
Financial Instruments: Recognition and Measurement 1 Jan 2010
Investment Property
1 Jan 2007
41
Agriculture
1 Jan 2007
54
Appendix I (B) - Adoption Status of International Financial Reporting Standards
(IFRS) by ICAB as Bangladesh Financial Reporting Standards (BFRS)
SL #
1
IFRS
BFRS
BFRS 1
2
First-time Adoption of IFRS
Effective DateApplicable on or after
1 Jan 2009
BFRS 2
Share-based Payment
1 Jan 2007
3
BFRS 3
Business Combinations
1 Jan 2010
4
BFRS 4
Insurance Contracts
1 Jan 2010
5
BFRS 5
6
BFRS 6
7
BFRS 7
Non-current Assets Held for Sale and 1 Jan 2007
Discontinued Operations
Exploration & evaluation of Mineral 1 Jan 2007
Resources
Financial Instruments: Disclosures
1 Jan 2010
8
BFRS 8
Operating Segments
1 Jan 2010
9
IFRS 9
Financial Instruments
Not Adopted
10
BFRS 10
Consolidated Financial Statements
1 Jan 2013
11
BFRS 11
Joint Arrangements
1 Jan 2013
12
BFRS 12
13
BFRS 13
Disclosure of Interests
Entities
Fair Value Measurement
IFRS for SMEs
/ Title of Adopted IFRS as BFRS
in
Other
1 Jan 2013
BFRS for SMEs (Small Medium Size 1 Jan 2013
Entities)
55
Appendix- II (A) - Adoption Status of International Standards on Auditing
(ISA) by ICAB as Bangladesh Standards on Auditing (BSA)
Sl. #
ISA/BSA ISA/ BSA Title
1
200
2
210
Overall Objectives of the Independent Auditor and the Conduct of an
Audit in Accordance with ISA
Agreeing the Terms of Audit Engagements
3
220
Quality Control for an Audit of Financial Statements
4
230
Audit Documentation
5
240
6
250
7
260
The Auditor's Responsibilities Relating to Fraud in an Audit of
Financial Statements
Consideration of Laws and Regulations in an Audit of Financial
Statements
Communication with Those Charged with Governance
8
265
9
300
10
315
11
320
Identifying & Assessing Risks of Material
Understanding Entity and its Environment
Materiality in Planning and Performing an Audit
12
330
The Auditor’s Responses to Assessed Risks
13
402
Audit Considerations Relating to Entities Using Service Organization
Communicating Deficiencies in Internal Control to Those Charged
with Governance and Management
Planning an Audit of Financial Statements
Misstatement
-
56
Sl. #
ISA/BSA ISA/ BSA Title
14
450
Evaluation of Misstatements Identified during the Audit
15
16
500
501
Audit Evidence
Audit Evidence—Specific Considerations for Selected Items
17
18
19
20
21
505
510
520
530
540
External Confirmations
Initial Audit Engagements—Opening Balances
Analytical Procedures
Audit Sampling
Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures
22
23
24
25
26
550
560
570
580
600
27
610
Related Parties
Subsequent Events
Going Concern
Written Representations
Special Considerations—Audits of Group FS (including Work of
Component Auditors)
Using the Work of Internal Auditors
28
620
Using the Work of an Auditor’s Expert
29
700
Forming an Opinion and Reporting on Financial Statements
57
Sl. # ISA/BSA ISA/ BSA Title
30
705
31
706
32
710
33
720
34
800
35
805
36
810
Modifications to the Opinion in the Independent Auditor’s
Report
Emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor’s Report
Comparative Information—Corresponding Figures and
Comparative FS
The Auditor’s Responsibilities Relating to Other Information
in Documents Containing Audited FS
Special Considerations—Audits of FS Prepared in
Accordance with Special Purpose Frameworks
Special Considerations –Audits of Single FS and Specific
Elements, Accounts or Items of FS
Engagements to Report on Summary Financial Statements
Total BSA / Code of Ethics /BSQC 1 /Framework
58
Appendix II (B) - Adoption Status of International Auditing Practice Statements
(IAP by ICAB as Bangladesh Auditing Practice Statements (BAPS)
Sl. #
IAPS/
BAPS Title
BAPS
1
1000
Inter-Bank Confirmation Procedures
2
1004
The Relationship Between Banking Supervisors and
Banks’ External Auditors
3
1005
The Special Considerations in the Audit of Small
Entities(withdrawn in 2010)
4
1006
Audits of the Financial Statements of the Banks
5
1010
The Consideration of Environmental Matters in Audit of
Financial Statements
6
1012
Auditing Derivative Financial Statements
7
1013
Electronic Commerce-Effect on the Audit of Financial
Statements
8
1014
Reporting
by
Auditors
on
Compliance with
IFRS
(withdrawn in 2010)
59
Appendix III - International Public Sector Accounting Standards (IPSAS) 2011
(Not Adopted by ICAB)
Cash Basis IPSAS—Financial Reporting Under the Cash Basis of Accounting
IPSAS 1—Presentation of Financial Statements
IPSAS 2—Cash Flow Statements
IPSAS 3—Accounting Policies, Changes in Accounting Estimates and Errors
IPSAS 4—The Effects of Changes in Foreign Exchange Rates
IPSAS 5—Borrowing Costs
IPSAS 6—Consolidated and Separate Financial Statements
IPSAS 7—Investments in Associates
IPSAS 8—Interests in Joint Ventures
IPSAS 9—Revenue from Exchange Transactions
IPSAS 10—Financial Reporting in Hyperinflationary Economies
IPSAS 11—Construction Contracts
IPSAS 12—Inventories
IPSAS 13—Leases
IPSAS 14—Events after the Reporting Date
IPSAS 15—Financial Instruments: Disclosure and Presentation
IPSAS 16—Investment Property
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Appendix III - International Public Sector Accounting Standards (IPSAS) 2011
(Not Adopted by ICAB)
Cash Basis IPSAS—Financial Reporting Under the Cash Basis of Accounting
IPSAS 17—Property, Plant, and Equipment
IPSAS 18—Segment Reporting
IPSAS 19—Provisions, Contingent Liabilities and Contingent Assets
IPSAS 20—Related Party Disclosures
IPSAS 21—Impairment of Non-Cash-Generating Assets
IPSAS 22—Disclosure of Financial Information about the General Government Sector
IPSAS 23—Revenue from Non-Exchange Transactions (Taxes and Transfers)
IPSAS 24—Presentation of Budget Information in Financial Statements
IPSAS 25—Employee Benefits
IPSAS 26—Impairment of Cash-Generating Assets
IPSAS 27—Agriculture
IPSAS 28—Financial Instruments: Presentation
IPSAS 29—Financial Instruments: Recognition and Measurement
IPSAS 30—Financial Instruments: Disclosures
IPSAS 31—Intangible Assets
IPSAS 32—Service Concession Arrangements - Guarantor
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Appendix IV- INTOSAI International Standards of Supreme Audit Institutions
(ISSAI). Not Adopted by ICAB/ Implemented by OCAG?
ISSAI 1000 – General Introduction to the INTOSAI Financial Audit Guidelines
ISSAI 1003 – Glossary of Terms to the INTOSAI Financial Audit Guidelines
ISSAI 1200 – Overall Objectives of the Independent Auditor and Conduct of Audit
in Accordance with ISA
ISSAI 1210 – Agreeing the Terms of Audit Engagements
ISSAI 1220 – Quality Control for an Audit of Financial Statements
ISSAI 1230 – Audit Documentation
ISSAI 1240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of
Financial Statements
ISSAI 1250 – Consideration of Laws and Regulations in an Audit of Financial
Statements
ISSAI 1260 – Communication with Those Charged with Governance
ISSAI 1265 – Communicating Deficiencies in Internal Control to Those with
Governance and Management
ISSAI 1300 – Planning an Audit of Financial Statements
ISSAI 1315 – Identifying and Assessing Risks of Material Misstatements by
Understanding Entity Environment
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Appendix IV- INTOSAI International Standards of Supreme Audit Institutions
(ISSAI). Not Adopted by ICAB/ Implemented by OCAG?
ISSAI 1000 – General Introduction to the INTOSAI Financial Audit Guidelines
ISSAI 1320 – Materiality in Planning and Performing an Audit
ISSAI 1330 – The Auditor’s Responses to Assessed Risks
ISSAI 1402 – Audit Considerations Relating to an Entity Using a Service
Organization
ISSAI 1450 – Evaluation of Misstatements Identified during the Audit
ISSAI 1500 – Audit Evidence
ISSAI 1501 – Audit Evidence – Specific Considerations for Selected Items
ISSAI 1505 – External Confirmations
ISSAI 1510 – Initial Audit Engagements – Opening Balances
ISSAI 1520 – Analytical Procedures
ISSAI 1530 – Audit Sampling
ISSAI 1540 – Auditing Accounting Estimates, Including Fair Value Accounting
Estimates and Related Disclosures
ISSAI 1550 – Related Parties
ISSAI 1560 – Subsequent Events
ISSAI 1570 – Going Concern
ISSAI 1580 – Written Representations
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Appendix IV- INTOSAI International Standards of Supreme Audit Institutions
(ISSAI). Not Adopted by ICAB/ Implemented by OCAG?
ISSAI 1000 – General Introduction to the INTOSAI Financial Audit Guidelines
ISSAI 1600 – Special Considerations – Audits of Group Financial Statements
(Incl. Work of Component Auditors)
ISSAI 1610 – Using the Work of Internal Auditors
ISSAI 1620 – Using the Work of an Auditor’s Expert
ISSAI 1700 – Forming an Opinion and Reporting on Financial Statements
ISSAI 1705 – Modifications to the Opinion in the Independent Auditor’s Report
ISSAI 1706 – Emphasis of Matter Paragraphs and Other Matter Paragraphs in
Independent Auditor’s Report
ISSAI 1710 – Comparative Information – Corresponding Figures and
Comparative Financial Statements
ISSAI 1720 – The Auditor’s Responsibilities Relating to Other Information in
Documents Containing Audited FS
ISSAI 1800 – Special Considerations – Audits of FS Prepared in Accordance
with Special Purpose Frameworks
ISSAI 1805 – Special Considerations – Audits of Single FSt and Specific
Elements, Accounts or Items of FS
ISSAI 1570 – Going Concern
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