The New Auditor's Report

Why Change the Auditor’s Report?

The auditor’s report is the key deliverable communicating the results of the audit process. Investors and other financial statement users have asked for a more informative auditor’s report—in particular for auditors to provide more relevant information to users.

Research, public consultations, and stakeholder outreach, including global roundtables, indicate that enhanced auditor reporting is critical to influencing the perceived value of the financial statement audit.

The new and revised Auditor Reporting standards are effective for audits of financial statements for periods ending on or after December 15, 2016.

 
 
Intended Benefits:
  • Enhanced communication between auditors and investors, as well as those charged with corporate governance
  • Increased user confidence in audit reports and financial statements
  • Increased transparency, audit quality, and enhanced information value
  • Increased attention by management and financial statement preparers to disclosures referencing the auditor's report
  • Renewed auditor focus on matters to be reported that could result in an increase in professional skepticism
  • Enhanced financial reporting in the public interest
 

WHAT'S CHANGED?

 

WHAT CAN YOU DO?

Effective implementation is critical to the success of the new and revised Auditor Reporting standards. You--investors, regulators, audit oversight bodies, audit committees and others--have an important role in effecting the change you want to see in auditor reporting.

Join the IAASB in promoting the new and revised Auditor Reporting standards.  Engage in dialogue with us, and among yourselves about what's new in auditor reporting today.

 

Further Information

 

Additional Useful Resources

 

Auditor Reporting Toolkit

Auditor Reporting Fact Sheet

Press Release

Slide Presentation In Support Of The IAASB’S New And Revised Auditor Reporting Standards

At a Glance

Basis for Conclusions

Auditor Reporting Project History

Auditor Reporting – Key Audit Matters

Auditor Reporting – Key Audit Matters Diagram

Auditor Reporting – Illustrative Key Audit Matters

Auditor Reporting on Going Concern

The New Auditor's Report: Questions and Answers

 

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