Engagements to Report on Summary Financial Statements - Completed
Objective(s) of project
The objective of this project was to redraft the close off document of ISA 805 (Revised), Engagements to Report on Summary Financial Statements, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.
In June 2005, the IAASB issued an exposure draft of proposed ISA 800, The Independent Auditor's Report on Summary Audited Financial Statements.
The IAASB gave due consideration to the comments received on the proposed ISA. The basis for the IAASB's conclusions is explained in the Basis for Conclusions: Close Off Document - ISA 805 (Revised).
The IAASB approved the close off document of ISA 805 (Revised) (i.e., following the IAASB's current drafting conventions) in December 2006. That document incorporates the changes based on the comments received on the June 2005 exposure draft.
Task Force progress / Board discussions to date
The close off document of ISA 805 (Revised) was redrafted in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs. In July 2007, the IAASB approved an exposure draft of proposed ISA 805 (Revised and Redrafted), Engagements to Report on Summary Financial Statements.
Forty comment letters were received on the exposure draft of proposed ISA 805 (Revised and Redrafted). Overall, respondents were in agreement with the application of the clarity conventions.
Based on matters relating to the scopes of the exposure draft of proposed ISA 700 (Redrafted) and the exposure draft of proposed ISA 800 (Revised and Redrafted), this ISA has been renumbered ISA 810 (Revised and Redrafted).
A summary of significant comments on the exposure draft and the Task Force's recommendations, and a revised proposed ISA were discussed at the March 2008 IAASB meeting.
The IAASB approved ISA 810 (Revised and Redrafted) at its September 2008 meeting. Updated Agenda Item 11-C reflects in marked text the changes based on decisions taken at the meeting. The updated agenda item is included here for information purposes only and is not the final pronouncement. Interested parties are discouraged from distributing, translating or using the updated agenda item for any purpose. They should await the release of the final pronouncement, which may contain minor modifications when compared to the updated agenda item.
The final pronouncement is that approved by the IAASB and published by IFAC after the Public Interest Oversight Board (PIOB) has confirmed that due process was followed in its development. It will be available at //www.ifac.org/IAASB/Resources.php.
Due process confirmation by the PIOB is scheduled for December 2008.