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.
