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The International Auditing and Assurance Standards Board (IAASB) recently completed a project to revisit the auditor reporting standards in response to users of financial statements signalling for a more informative auditor’s report. The IAASB’s project involved international research, public consultation and stakeholder outreach culminating in an Exposure Draft issued in July 2013 and the issuance of the final standards in January 2015.
Summary of Changes to the Auditor’s Report by the IAASB
The new and revised auditor reporting standards will be effective for audits of periods ending on or after December 15, 2016. The new IAASB’s auditor’s report includes the following changes:
The IAASB developed a publication titled “The New Auditor’s Report: Greater Transparency into the Financial Statement Audit” which provides a high level overview of the IAASB’s work on, and the changes to, the auditor’s report. To access this publication as well as other relevant IAASB publications, visit the IAASB’s website or
Update on Canadian Auditor Reporting Developments
At this stage, amendments to the Canadian standards have not been announced. However, the Auditing and Assurance Standards Board (AASB) issued a statement regarding the adoption in Canada of revisions to the International Standards on Auditing (ISAs) dealing with auditor reporting. The AASB debated whether:
At its March 2015 meeting, the AASB will discuss the remaining issues related to adopting the ISAs on auditor reporting as Canadian Auditing Standards (CASs), with a goal of approving the final standards. The auditor reporting project page can be accessed by visiting the
Financial Reporting & Assurance Standards Canada website.
For more information on the financial reporting library, contact a local MNP Assurance Professional, or Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of February 10, 2015. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
Related Topics:APSG Assurance
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