Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged With Governance

Resulting from Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities

IAASB
Jul 06, 2022 | Exposure Drafts and Consultation Papers
English

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Comments due by: Oct 04, 2022

These proposed narrow scope amendments to International Standard on Auditing 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 260 (Revised), Communication with Those Charged with Governance, will help operationalize recently approved changes to the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) related to listed and public interest entities. The changes to the IESBA Code require firms to publicly disclose when the independence requirements for public interest entities have been applied in an audit of financial statements.

The IAASB invites all stakeholders to comment on the Exposure Draft. Comments are requested by October 4, 2022. As part of this public consultation, the IESBA invites stakeholders to comment on aspects of the Exposure Draft for its consideration of the need for any further action.

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Submitted Comment Letters

1. The South African Institute of Chartered Accountants (SAICA) (South Africa)
September 12, 2022

2. The Malaysian Institute of Certified Public Accountants (MICPA) (Malaysia)
September 14, 2022

3. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
September 22, 2022

4. Federation of Accounting Professions (Thailand)
September 23, 2022

5. International Forum of Independent Audit Regulators
September 27, 2022

6. PwC
September 28, 2022

7. CPA Australia (Australia)
September 28, 2022

8. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
September 29, 2022

9. External Reporting Board (XRB) (New Zealand)
September 29, 2022

10. International Organization of Securities Commissions
September 30, 2022

11. Financial Reporting Council (United Kingdom)
October 3, 2022

12. SAIPA (South Africa)
October 3, 2022

13. Saudi Organization for Chartered and Professional Accountants
October 3, 2022

14. Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA)
October 3, 2022

15. Grant Thornton International Limited
October 3, 2022

16. Auditing and Assurance Standards Board (AUASB) (Australia)
October 3, 2022

17. AICPA (United States)
October 4, 2022

18. Deloitte
October 4, 2022

19. National Association of State Boards of Accountancy (NASBA) (United States)
October 4, 2022

20. Botswana Institute of Chartered Accountants (Botswana)
October 4, 2022

21. OAG Alberta (Canada)
October 4, 2022

22. KPMG International Ltd
October 4, 2022

23. The Independent Regulatory Board for Auditors (IRBA) (South Africa)
October 4, 2022

24. RSM International
October 4, 2022

25. ICAEW
October 4, 2022

26. Malaysian Institute of Accountants (Malaysia)
October 4, 2022

27. Botswana Accountancy Oversight Authority (Botswana)
October 4, 2022

28. Committee of European Auditing Oversight Bodies (CEAOB)
October 4, 2022

29. Auditing and Assurance Standards Board (AASB) (Canada)
October 4, 2022

30. The Institute of Chartered Accountants of Nigeria
October 4, 2022

31. Ernst & Young Global Limited
October 4, 2022

32. The Japanese Institute of Certified Public Accountants (Japan)
October 4, 2022

33. ICAS (United Kingdom)
October 5, 2022

34. Pan African Federation of Accountants
October 5, 2022

35. CNCC & CNOEC (contact: Cédric GELARD) (France)
October 5, 2022

36. IFAC SMP Advisory Group
October 5, 2022

37. Federación Argentina de Consejos Profesionales de Ciencias Económicas (Argentina)
October 6, 2022

38. KICPA
October 13, 2022

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