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AOCoP GDLN on Audit Standards and Procedures

5 April 2011


On Tuesday 5 April, the World Bank Centre for Financial Reporting Reform (CFRR) held a Global Development Learning Network (GDLN) event on how the IAASB sets international audit standards and how an auditor performs an audit. The event was organized by the Audit and Oversight Community of Practice (AOCoP) under the Road to Europe: Programme of Accounting Reform and Institutional Strengthening (REPARIS) and was the second in a series of four distance-learning events with the aim of providing members of public oversight bodies, government officials with responsibility for the public oversight system and staff supporting the public oversight system with a good understanding of the key elements of their roles and responsibilities.

AOCoP GDLN 5th April 2011

78 participants from 9 GDLN centres in the REPARIS countries saw presentations from Arnold Schilder, the chairman of the International Auditing and Asssurance Standards Board (IAASB), on International Standards on Auditing (ISAs) and from Claire Lindridge of UK's Audit Inspection Unit, on how auditors carry out audits in practice. The event was moderated by Ranjan Ganguli and Andrei Busuioc from the CFRR.

To the REPARIS program page

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Summary


Objectives

The event's main objectives were for participants to gain a better understanding of the process by which ISAs are developed and to give them an overview of the processes that an auditor follows in carrying out an audit.

Description

In the first part of the event, Professor Schilder outlined the structure of the IAASB and how the IAASB manages the standard-setting process for ISAs. He described how the IAASB consulted with stakeholders across the world in setting new standards, with a particular emphasis on the recent project to simplify ISAs which resulted in Clarified ISAs.

In the second part of the event, Ms Lindridge described the procedures that an auditor followed during a typical audit. She stressed how the various stages of an audit (planning and risk assessment, acquiring evidence and drawing up an assessment and audit report) inevitably involved significant areas whether the auditors had to exercise their professional judgement.

Results

Participants gained an insight into how the IAASB sets international audit standards and the issues that face an auditor when carrying out an audit.

Videos


Video presentations

International Standards on Auditing: Taking the ISAs in the National Context

The Conduct of an AuditArnold Schilder, chairman of the International Auditing and Asssurance Standards Board (IAASB), on International Standards on Auditing (ISAs) at the REPARIS GDLN Distance Learning Event on Public Oversight, 5 April 2011.

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The Conduct of an Audit

Claire Lindridge on the Conduct of an AuditClaire Lindridge of UK's Audit Inspection Unit, on how auditors carry out audits in practice at the REPARIS GDLN Distance Learning Event on Public Oversight, 5 April 2011.

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Biographies


Speaker Biographies

Professor Arnold Schilder

Chairman, international Auditing and Assurance Standards Board (IAASB) International Federation of Accountants

Professor Schilder became Chair of the International Auditing and Assurance Standards Board in January 2009. From 1998 to 2008, Professor Schilder was a member of the Managing Board of the Dutch Central Bank, responsible in particular for banking regulation and supervision. In addition, he served as the Chair of the Basel Committee on Banking Supervision's Accounting Task Force from 1999 to 2006, and from 2005 to 2008 as a member of the Public Interest Oversight Board. During 1994 and 1995, he served also as President of Royal Dutch Institute of Chartered Accountants (Royal NIVRA). From 1972 to 1998 he worked with PriceWaterhouseCoopers, serving since 1985 as an international audit partner. He served as part-time Professor of Auditing at the Universities of Amsterdam and Maastricht during 1988 to 2009. He studied theology and accountancy, and earned a Ph.D. on Auditor Independence in 1994.




Claire Lindridge

Team Leader, Audit Inspection Unit of the Professional Oversight Board, UK Financial Reporting Council

Claire Lindridge is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). She worked for Deloitte in London from 1995 to 2006, primarily as an auditor and latterly developing and delivering training on accounting, auditing and management skills. Since 2006 Claire has worked as an inspector for the Audit Inspection Unit, which was set up in 2003 as the independent regulator of the UK audit profession following the collapse of Andersen. During this time, Claire has reviewed numerous audits undertaken by the Big 4 audit firms of major public interest entities, including FTSE 100 companies. She has also been involved with the inspection of the Audit Commission, one of the two public sector audit bodies in the UK. Claire is a graduate of Cambridge University with a bachelor’s degree in Natural Sciences.




Moderator Biographies

Ranjan Ganguli

Assessment and Advisory Group, The World Bank Centre for Financial Reporting Reform (CFRR)

Ranjan Ganguli is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) with experience in both private and public sectors in the UK and abroad, notably in Europe and Central Asia as well as in sub-Saharan Africa. He worked for KPMG in London from 1987 to 1992, and spent two years in each of their Hungary, Russia and Czech Republic offices from 1992 to 1998, helping establish their audit and advisory practices. From 1998 to 2001 Ranjan was based in Washington DC working as Senior Financial Management Specialist for the World Bank.

Since 2001 Ranjan has worked as an independent financial management consultant, primarily for the World Bank but also for the UK Department for International Development (DFID), the European Commission and various country offices of the United Nations Executive Committee agencies. Ranjan has been a member of the Centre's Assessment and Advisory Group since 2009 helping to lead the Audit and Oversight Community of Practice (AOCoP) within the framework of the Road to Europe Programme of Accounting and Reform and Institutional Strengthening (REPARIS). Ranjan is a graduate of Manchester University with a bachelor's degree in Computing and Accounting.




Andrei Busuioc

Assessment and Advisory Group, The World Bank Centre for Financial Reporting Reform (CFRR)

Andrei Busuioc is a Financial Management Specialist with over 13 years of experience in the accounting and auditing area in both the private and public sectors as well as in lecturing. Prior to joining the Centre in 2008, Andrei worked in the World Bank Country Office in Moldova as a Financial Management Specialist, covering fiduciary activities, public finance management development, and corporate financial reporting development. He is an accountant by training, and a member of the Association of Chartered Certified Accountants. Andrei holds a university degree in economics from the Moldova State Agricultural University, and a Ph.D. in economics from the Academy of Economic Studies of Moldova. He has completed a postgraduate diploma in public financial management from the Centre for Financial and Management Studies, University of London. He speaks Russian, Romanian, English and basic Bulgarian.

Venues


Venues

The following GDLN sites participated at the event.

Country, City

Venue

Albania, Tirana

World Bank Office - Tirana

BiH, Sarajevo

E-Net Centre Sarajevo

BiH, Banja Luka

University of Banja Luka

Croatia, Zagreb

Croatian Academic and Research Network (CARNet)

Kosovo, Pristina

British Council Pristina

Macedonia, Skopje

British Council Skopje

Moldova, Chisinau

Academy of Sciences of Moldova (silver meeting room)

Montenegro, Podgorica

World Bank Office - Podgorica

Serbia, Belgrade

British Council Belgrade






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