Reporting on Audited Financial Statements – New and Revised Auditor Reporting Standards and Related Conforming Amendments
The new and revised Auditor Reporting standards are responsive to calls from investors and other users of audited financial statements for more informative and relevant auditor’s reports based on the audit that was performed. This new and revised Auditor Reporting standards include new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and a number of revised ISAs, including ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and ISA 570 (Revised), Going Concern. Example reports illustrating various circumstances are included in the new and revised Auditor Reporting standards. The new and revised Auditor Reporting standards are effective for audits of financial statements for periods ending on or after December 15, 2016.
The complete suite of new and revised Auditor Reporting standards is included as the first file below; the stand-alone ISAs are also included for ease of accessibility.
An At a Glance and an Auditor Reporting Fact Sheet below titled, The New Auditor’s Report: Greater Transparency into the Financial Statement Audit, publication summarizes key aspects of the new and revised Auditor Reporting standards. A Basis for Conclusions publication provides background for, and a summary of, the rationale for the IAASB’s conclusions.
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The New Auditor's Report: Greater Transparency into the Financial Statement Audit
Copyright © 2022 The International Federation of Accountants (IFAC). All rights reserved.
Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- IAASB Work Plan for 2022-2023
- ISA 220 (Revised): Definition of an Engagement Team Fact sheet
- International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
- Non-Authoritative Guidance: The Fraud Lens – Interactions Between ISA 240 and Other ISAs
