Enhanced Auditor Reporting Requirements announced by AUASB

The Auditing and Assurance Standards Board (AUASB) has issued one new, a number of revised and amended auditing standards that adopt the recent improvements made to the equivalent International Standards on Auditing (ISAs) by the International Auditing and Assurance Standards Board (IAASB). The improvements to the auditing standards comprise enhancements to: Auditors’ reports on financial reports – including the communication of Key Audit Matters (KAM) for [...]

2016-07-25T12:09:53+00:00 February 3rd, 2016|Categories: Assurance|Tags: , |0 Comments

IAASB Finalizes Changes for Reporting on Special Purpose Financial Statements

The International Auditing and Assurance Standards Board (IAASB) today released ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement. Reporting on special purpose financial statements is linked to the IAASB’s new and revised Auditor Reporting standards issued in January 2015, in [...]

2016-08-04T01:46:37+00:00 February 2nd, 2016|Categories: Assurance|Tags: |0 Comments

Audit controls in for a ‘complete rewrite’

Audit controls in for a 'complete rewrite'<link href="/etc/designs/ffx/afr/css/icons.png.css" rel="stylesheet"> The head of the international audit standard setter has flagged an overhaul of quality controls for financial audits to be more proactive and aligned with modern risk-management frameworks. It is likely to trigger upgrades to the multimillion-dollar audit systems of big firms such as PricewaterhouseCooopers, Ernst & Young, KPMG, Deloitte, Grant Thornton and BDO. International Auditing and [...]

2016-10-12T23:46:04+00:00 November 30th, 2015|Categories: Assurance|Tags: |0 Comments