• Register
Return to: Home > News > Standards > IAASB proposes review of auditor’s reports

IAASB proposes review of auditor’s reports

The International Auditing and Assurance Standards Board (IAASB) has issued the exposure draft 'Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing'.

IAASB's exposure responds to calls from stakeholders and users of audited financial statements for more informative auditor's reports in the wake of the global financial crisis

"We expect the proposed new and revised standards will result in substantive changes to how auditors contemplate and approach communication to users of their reports," IAASB chairman Arnold Schilder said.

Schilder said the proposed changes are "critical to the perceived value of the financial statement audit" and to underline the "relevance of the auditing profession."

Among the proposal, IAASB has introduced the standard 'Communicating Key Audit Matters in the Independent Auditor's Report'

"The intended outcome of this proposal is more informative audit reports, with information about the audit of the financial statements that is unique and more specific to the entity that has been audited," James Gunn IAASB technical director said.

Following the IAASB's exposure draft, the UK Financial Reporting Council (FRC) welcomed the proposed changes and launched a consultation which ends on 1 November.

"We believe they are, in principle, consistent with the governance-led changes made by the FRC over the last year to audit committee and auditor reporting in the UK and Ireland, FRC Audit and Assurance Council chairman Nick Land said.

The deadline to comment on IAASB's exposure draft is 22 November.


Related links

International Auditing and Assurance Standards Board

UK Financial Reporting Council

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.