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

Jul 06, 2022 | Exposure Drafts and Consultation Papers

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Comments due by: Oct 04, 2022

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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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