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Addressing Disclosures in the Audit of Financial Statements

| Basis for Conclusions
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Addressing Disclosures in the Audit of Financial Statements–Revised ISAs and Related Conforming Amendments aims at focusing auditors on disclosures throughout the financial statement audit.

The changes include strengthened requirements in ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, ISA 330, The Auditor’s Responses to Assessed Risks, and ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, as well as enhanced application material in these and several other ISAs to more explicitly address disclosures.

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