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June 24, 2012

IAASB looks to improve auditor reporting

The International Auditing and Assurance Standards Board (IAASB) has called for the auditor’s report to include auditors’ commentary to help increase the users’ understanding of audited financial statements.

In its consultation paper, Improving the Auditor’s Report, the IAASB sets out future standard-setting proposals to improve how and what auditors report in accordance with International Standards for Auditing.

The suggestions also include improvements with respect to new statements regarding going concern and other information in documents containing the audited financial statements, the description of the responsibilities of the auditor and key features of the audit itself, and enhancement to the format of the report.

“While the auditor’s opinion is valued, many perceive the auditor’s report could be more informative and shine light on key matters based on the auditor’s work. Change, therefore, is essential and the IAASB is strongly committed in the public interest to deliver meaningful improvements to auditor reporting as quickly as possible,” IAASB chairman Arnold Schilder said.

Deadlien for comment on the report is October.

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