Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing
This exposure draft seeks views from stakeholders in relation to the IAASB’s proposals to enhance auditor reporting globally. The proposals respond to calls from investors, analysts, and other users of audited financial statements in the wake of the global financial crisis for the auditor to provide more relevant information in the auditor’s report, and build upon the indicative direction set out in the IAASB’s June 2012 Invitation to Comment. This exposure draft includes proposed new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and a number of proposed revised ISAs, including revisions to ISA 700, Forming an Opinion and Reporting on Financial Statements. Example reports illustrating various circumstances are included in the proposed ISAs. The complete exposure draft is included as the first file below; the separate components are also included for ease of accessibility.
An At a Glance publication provides an overview of the exposure draft. IAASB Staff has prepared Guidance to Assist in Field Testing of Proposed ISA 701 to highlight considerations that may be of assistance to audit firms as they plan their field testing of proposed ISA 701. Staff-prepared supplements illustrating the changes to extant ISA 700 and extant 705 have also been prepared.
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Submitted Comment Letters
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Securities Commission of Malaysia - Audit Oversight Board (2.84 MB)(Malaysia)
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Hong Kong Institute of Certified Public Accountants (154.85 KB)(Hong Kong, Special Administrative Region of China)
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Federation of Accounting Professions Thailand (2.23 MB)(Thailand)
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Institute of Certified Public Accountants of Kenya (125.69 KB)(Kenya)
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Financial Reporting Council (24.04 KB)(Australia)
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Australian Institute of Company Directors (1.99 MB)(Australia)
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Auditor General of South Africa (325.76 KB)(South Africa)
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Dansk Aktionæforening (Danish Shareholders Association) (115.19 KB)(Denmark)
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J Robert Gibson (City University of Hong Kong – First Submission) (698.65 KB)(Hong Kong, Special Administrative Region of China)
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Novo Nordisk A/S (249.39 KB)(Denmark)
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Korean Institute of Certified Public Accountants (227.51 KB)(Korea)
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South African Institute of Chartered Accountants (3.18 MB)(South Africa)
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ASSIREVI Association of the Italian audit firms (269.28 KB)(Italy)
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Standard Life Investments (706.75 KB)(United Kingdom)
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FAR - Institute for the Accountancy Profession in Sweden (347.38 KB)(Sweden)
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Instituut van de Bedrijfsrevisoren - Institut des Réviseurs d'Entreprises (2.94 MB)(Belgium)
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CFO Forum of South Africa (299.14 KB)(South Africa)
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FSR - Danish Institute of Accountants (173.35 KB)(Denmark)
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KHT-yhdistys – Föreningen CGR ry (the Finnish Institute of Authorised Public Accountants) (87.88 KB)(Finland)
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Ministerio de Economía y Competitivad (Instituto de Contabildad y Auditoria de Cuentas) (94.15 KB)(Spain)
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Ashley Burrowes (University of Canterbury) (353.49 KB)(New Zealand)
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Ibracon - Instituto dos Auditores Independentes do Brasil (324.46 KB)(Brazil)
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J Robert Gibson (City University of Hong Kong – Second Submission) (300.23 KB)(Hong Kong, Special Administrative Region of China)
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Institute of Chartered Accountants of Nigeria (6.56 MB)(Nigeria)
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Moore Stephens LLP (UK firm) (626.18 KB)(United Kingdom)
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Kreston International Limited (284.25 KB)(United Kingdom)
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European Court of Auditors (202.12 KB)(Europe & Central Asia)
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KPMG IFRG Limited (441.13 KB)(United Kingdom)
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BDO International Limited (86.24 KB)(United Kingdom)
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Contrôleur des finances de Québec (90.41 KB)(Canada)
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Institute of Chartered Accountants in England and Wales (347.24 KB)(United Kingdom)
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Ernst & Young Global Limited (262.9 KB)(United Kingdom)
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Den norske Revisorforening (The Norwegian Institute of Public Accountants) (604 KB)(Norway)
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Federación Argentina de Consejos Profesionales de Ciencias Económicas (Argentine Federation of Professionals Councils of Economic Sciences) (235.71 KB)(Argentina)
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Auditor General of Canada (2.44 MB)(Canada)
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Chartered Accountants Ireland – Audit and Assurance Committee (443.85 KB)(Ireland)
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Canadian Securities Administrators - Chief Accountants Committee (243.01 KB)(Canada)
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CohnReznick LLP (119.48 KB)(United States of America)
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Hunter College Graduate Class in Advanced auditing (334.43 KB)(United States of America)
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Instituto Mexicano de Contadores Publicos AC (116.86 KB)(Mexico)
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Cristian E. Munarriz (47.3 KB)(Argentina)
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EAIG – European Audit Inspection Group (259.61 KB)(Europe & Central Asia)
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Nederlandse Beroepsorganisatie van Accountants (89.88 KB)(Netherlands)
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United States Government Accountability Office (161.43 KB)(United States of America)
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Compagnie Nationale des Commissaires aux Comptes and the Conseil Superieur de I'Ordre des Experts-Comptables (832.31 KB)(France)
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Chartered Institute of Public Finance & Accountancy (177.84 KB)(United Kingdom)
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IFAC Small and Medium Practices Committee (95.08 KB)(United States of America)
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RSM International Limited (267.28 KB)(United Kingdom)
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Macquarie University (92.41 KB)(Australia)
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Eumedion (Dutch Institutional Investors) (145.32 KB)(Netherlands)