Objective
The objectives of this project were to:
- Appropriately enhance the communicative value and relevance of the auditor’s report through proposed revisions to International Standards on Auditing (ISAs) requirements that address its structure and content; and
- Determine whether and how the IAASB’s reporting ISAs, in their design, can be modified to accommodate evolving national financial reporting regimes, while at the same time ensuring that common and essential content is being communicated.
Achieving the project objectives is premised on the need to take into account the activities of others, and consider how the IAASB may act to minimize the differences in auditor’s reports that may result from these separate initiatives.
The project will include revision of ISA 700, Forming and Opinion and Reporting on Financial Statements, and as appropriate, the revision of, or conforming amendments to, related communication and reporting requirements relevant to audits (for example, ISA 260, Communication with Those Charged with Governance).