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March 18, 2013

Proposed ISA 720 revisions plus for audit benefits: ACCA

The Association of Chartered Certified Accountants (ACCA) has said proposals to revise International Auditing Standard (ISA) 720 could make audit more beneficial and have the potential to better meet investor demands.

ACCA head of auditing practise David York said the revised standard has the potential to increase the audit’s beneficial impact on corporate reporting more generally.

"It widens the scope of the material that auditors read and consider to bring in all the other information released with or in connection with the financial statements," he noted.

However, York said the ACCA had commented on a few of the "nuts and bolts" of the proposed revision.

"We suggest, for example, changes to certain terminology, including the reference to ‘documents’ itself and question a proposed new treatment of the concept of materiality. Our response also calls for greater clarity on the status of the additional work that auditors will do."

The ACCA Global Forum for Audit and Assurance recently debated the proposals and the views of its members were taken into account in its official response to the proposed document.

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The Association of Chartered Certified Accountants

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