The International Auditing and Assurance
Standards Board (IAASB) has launched a consultation on enhancing
the value of auditor reporting.

The IAASB consultation paper, Enhancing
the Value of Auditor Reporting: Exploring Options for Change,
aims to determine whether there are common views among users of
audited financial statements and other stakeholders about the
usefulness of auditor reporting.

It describes issues with current financial
reporting; including a perceived information gap identified by some
stakeholders and sets out possible options for change. It also
seeks input as to whether changes might be effective in enhancing
auditor reporting and the communicative value of the auditor’s
report.

IAASB chairman Arnold Schilder said the board
thinks that now is the right time for “a more fundamental review of
auditor reporting to ensure, in the public interest, that it can
meet the information needs of financial statement users in a global
business environment with increasingly complex financial reporting
requirements.”

The IAASB is also requesting information about
the potential implications of changes in auditor reporting, as well
as about possible implementation challenges. But the options
explored would require collaboration with national standard
setters, regulators and or legislators to develop or implement.

“Investors and financial analysts have
signalled to us they want additional, and more pertinent,
information for their decision making. The IAASB wants to better
understand these views as well the views of others, including users
of audited financial statements of SMEs and public sector
organisations, preparers, auditors and other key participants in
the financial reporting process,” IAASB technical director James
Gunn added.

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Deadline for comment is 16 September.