Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing
Exposure Draft
IAASB
Jul 25, 2013 | Exposure Drafts and Consultation Papers
English
Comments due by: Nov 22, 2013
This exposure draft seeks views from stakeholders in relation to the IAASB’s proposals to enhance auditor reporting globally. The proposals respond to calls from investors, analysts, and other users of audited financial statements in the wake of the global financial crisis for the auditor to provide more relevant information in the auditor’s report, and build upon the indicative direction set out in the IAASB’s June 2012 Invitation to Comment. This exposure draft includes proposed new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and a number of proposed revised ISAs, including revisions to ISA 700, Forming an Opinion and Reporting on Financial Statements. Example reports illustrating various circumstances are included in the proposed ISAs. The complete exposure draft is included as the first file below; the separate components are also included for ease of accessibility.
An At a Glance publication provides an overview of the exposure draft. IAASB Staff has prepared Guidance to Assist in Field Testing of Proposed ISA 701 to highlight considerations that may be of assistance to audit firms as they plan their field testing of proposed ISA 701. Staff-prepared supplements illustrating the changes to extant ISA 700 and extant 705 have also been prepared.
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Submitted Comment Letters
1. Wirtschaftsprüferkammer (Germany)
October 25, 2013
2. BlackRock, Inc. (United States)
October 30, 2013
3. Chartered Professional Accountants of Canada (Canada)
October 30, 2013
4. Auditor General of Alberta (Canada)
November 1, 2013
5. Australasian Council of Auditors-General (Australia)
November 4, 2013
6. Auditor General of Manitoba (Canada)
November 7, 2013
7. Association of International Accountants (United Kingdom)
November 8, 2013
8. Chris Barnard (Germany)
November 8, 2013
9. Fédération des Experts Comptables Européens (Europe)
November 8, 2013
10. Institute of Professional Auditors (Russian Federation)
November 11, 2013
11. Institute of Chartered Accountants (Ghana) (Ghana)
November 13, 2013
12. Klaus Ruhnke (Freie Universität Berlin, FACTS Department) (Germany)
November 15, 2013
13. Swire Pacific Limited (Hong Kong (Special Administrative Region of China))
November 15, 2013
14. Komora Auditorů České Republiky (Chamber of Auditors of the Czech Republic) (Czech Republic)
November 18, 2013
15. National Audit Office (United Kingdom)
November 18, 2013
16. Association of Chartered Certified Accountants (United Kingdom)
November 19, 2013
17. California Society of CPAs (United States)
November 19, 2013
18. European Issuers (Belgium)
November 19, 2013
19. Inter-American Accounting Association (Bolivia)
November 19, 2013
20. New York State Society of Certified Public Accountants (United States)
November 19, 2013
21. Pennsylvania Institute of Certified Public Accountants (United States)
November 19, 2013
22. SRA (Samenwerkende Register Accountants) (Netherlands)
November 19, 2013
23. Swedish National Audit Office (Sweden)
November 19, 2013
24. Australian Auditing and Assurance Standards Board (Australia)
November 20, 2013
25. BCEMW- Jean Bédard, Paul Coram, Reza Espahbodi, Theodore J. Mock and Rick C. Warne (United States)
November 20, 2013
26. Crowe Horwath International (United States)
November 20, 2013
27. Institute of Chartered Accountants Australia (Australia)
November 20, 2013
28. International Association of Insurance Supervisors (Switzerland)
November 20, 2013
29. New Zealand Institute of Chartered Accountants (New Zealand)
November 20, 2013
30. Provincial Auditor Saskatchewan (Canada)
November 20, 2013
31. The World Bank (United States)
November 20, 2013
32. U.S. Chamber of Commerce - Center for Capital Market (United States)
November 20, 2013
33. American Institute of Certified Public Accountants’ Auditing Standards Board (United States)
November 21, 2013
34. AngloGold Ashanti Limited (South Africa)
November 21, 2013
35. Baker Tilly UK Audit LLP (United Kingdom)
November 21, 2013
36. CPA Australia (Australia)
November 21, 2013
37. Canadian Auditing and Assurance Standards Board (Canada)
November 21, 2013
38. Deloitte Touche Tohmatsu Limited (United States)
November 21, 2013
39. European Banking Authority (Europe)
November 21, 2013
40. Federation of Accounting Professions Thailand (Thailand)
November 21, 2013
41. Financial Reporting Council (Australia)
November 21, 2013
42. Financial Reporting Council (United Kingdom)
November 21, 2013
43. Grant Thornton International Ltd (United Kingdom)
November 21, 2013
44. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
November 21, 2013
45. Institute of Certified Public Accountants in Ireland (Ireland)
November 21, 2013
46. Institute of Certified Public Accountants of Kenya (Kenya)
November 21, 2013
47. Institute of Chartered Accountants of Scotland (United Kingdom)
November 21, 2013
48. Johannesburg Stock Exchange (South Africa)
November 21, 2013
49. PKF International Limited (United Kingdom)
November 21, 2013
50. PricewaterhouseCoopers International Limited (United Kingdom)
November 21, 2013
51. Securities Commission of Malaysia - Audit Oversight Board (Malaysia)
November 21, 2013
52. Standard & Poor's Ratings Services (United States)
November 21, 2013
53. The Japanese Institute of Certified Public Accountants (Japan)
November 21, 2013
54. The Malta Institute of Accountants (Malta)
November 21, 2013
55. The Securities Analysts Association of Japan (Japan)
November 21, 2013
56. ASSIREVI Association of the Italian audit firms (Italy)
November 22, 2013
57. Ashley Burrowes (University of Canterbury) (New Zealand)
November 22, 2013
58. Auditor General of Canada (Canada)
November 22, 2013
59. Auditor General of South Africa (South Africa)
November 22, 2013
60. Australian Institute of Company Directors (Australia)
November 22, 2013
61. BDO International Limited (United Kingdom)
November 22, 2013
62. CFO Forum of South Africa (South Africa)
November 22, 2013
63. Canadian Securities Administrators - Chief Accountants Committee (Canada)
November 22, 2013
64. Chartered Accountants Ireland – Audit and Assurance Committee (Ireland)
November 22, 2013
65. CohnReznick LLP (United States)
November 22, 2013
66. Compagnie Nationale des Commissaires aux Comptes and the Conseil Superieur de I'Ordre des Experts-Comptables (France)
November 22, 2013
67. Contrôleur des finances de Québec (Canada)
November 22, 2013
68. Cristian E. Munarriz (Argentina)
November 22, 2013
69. Dansk Aktionæforening (Danish Shareholders Association) (Denmark)
November 22, 2013
70. Den norske Revisorforening (The Norwegian Institute of Public Accountants) (Norway)
November 22, 2013
71. EAIG – European Audit Inspection Group (Europe)
November 22, 2013
72. Ernst & Young Global Limited (United Kingdom)
November 22, 2013
73. European Court of Auditors (Europe)
November 22, 2013
74. FAR - Institute for the Accountancy Profession in Sweden (Sweden)
November 22, 2013
75. FSR - Danish Institute of Accountants (Denmark)
November 22, 2013
76. Federación Argentina de Consejos Profesionales de Ciencias Económicas (Argentine Federation of Professionals Councils of Economic Sciences) (Argentina)
November 22, 2013
77. Hunter College Graduate Class in Advanced auditing (United States)
November 22, 2013
78. Ibracon - Instituto dos Auditores Independentes do Brasil (Brazil)
November 22, 2013
79. Institute of Chartered Accountants in England and Wales (United Kingdom)
November 22, 2013
80. Institute of Chartered Accountants of Nigeria (Nigeria)
November 22, 2013
81. Instituto Mexicano de Contadores Publicos AC (Mexico)
November 22, 2013
82. Instituut van de Bedrijfsrevisoren - Institut des Réviseurs d'Entreprises (Belgium)
November 22, 2013
83. J Robert Gibson (City University of Hong Kong – First Submission) (Hong Kong (Special Administrative Region of China))
November 22, 2013
84. J Robert Gibson (City University of Hong Kong – Second Submission) (Hong Kong (Special Administrative Region of China))
November 22, 2013
85. KHT-yhdistys – Föreningen CGR ry (the Finnish Institute of Authorised Public Accountants) (Finland)
November 22, 2013
86. KPMG IFRG Limited (United Kingdom)
November 22, 2013
87. Korean Institute of Certified Public Accountants (Korea, Republic of)
November 22, 2013
88. Kreston International Limited (United Kingdom)
November 22, 2013
89. Ministerio de Economía y Competitivad (Instituto de Contabildad y Auditoria de Cuentas) (Spain)
November 22, 2013
90. Moore Stephens LLP (UK firm) (United Kingdom)
November 22, 2013
91. Nederlandse Beroepsorganisatie van Accountants (Netherlands)
November 22, 2013
92. Novo Nordisk A/S (Denmark)
November 22, 2013
93. South African Institute of Chartered Accountants (South Africa)
November 22, 2013
94. Standard Life Investments (United Kingdom)
November 22, 2013
95. United States Government Accountability Office (United States)
November 22, 2013
96. Chartered Institute of Public Finance & Accountancy (United Kingdom)
November 25, 2013
97. Eumedion (Dutch Institutional Investors) (Netherlands)
November 25, 2013
98. European Federation of Accountants and Auditors for SMEs (Belgium)
November 25, 2013
99. Group of 100 (Australia)
November 25, 2013
100. IFAC Small and Medium Practices Committee (United States)
November 25, 2013
101. Macquarie University (Australia)
November 25, 2013
102. RSM International Limited (United Kingdom)
November 25, 2013
103. Zambia Institute of Chartered Accountants - ZICA (Zambia)
November 25, 2013
104. Altaf Noor Ali (Pakistan)
November 26, 2013
105. Auditor General of Ontario (Canada)
November 26, 2013
106. Dubai Financial Services Authority (United Arab Emirates)
November 26, 2013
107. Felicitas T Irungu (Felikar and Associates) (Kenya)
November 26, 2013
108. Hans Gortemaker (Erasmus University) (Netherlands)
November 26, 2013
109. Individual- Clinical Lasers Limited (Canada)
November 26, 2013
110. MAZARS (France)
November 26, 2013
111. Swiss Holdings (Switzerland)
November 26, 2013
112. Association of British Insurers (United Kingdom)
November 27, 2013
113. Malaysian Institute of Accountants' Auditing and Assurance Standards Board (Malaysia)
November 27, 2013
114. Canadian Public Accountability Board (Canada)
November 28, 2013
115. Pitcher Partners (Australia)
November 28, 2013
116. Chinese Institute of Certified Public Accountants (China)
November 29, 2013
117. Institut der Wirtschaftspruefer (Germany)
November 29, 2013
118. Institute of Chartered Accountant of India (India)
December 2, 2013
119. Peter W. Young (Consulo Advisers) (Australia)
December 2, 2013
120. European Securitites and Markets Authority (Europe)
December 3, 2013
121. Investment Management Association (IMA) (United Kingdom)
December 3, 2013
122. Auditor-General of New Zealand (New Zealand)
December 6, 2013
123. Institute of Chartered Accountants of Zimbabwe (Zimbabwe)
December 6, 2013
124. International Corporate Governance Network (United Kingdom)
December 6, 2013
125. New Zealand Auditing and Assurance Standards Board (New Zealand)
December 6, 2013
126. Basel Committee on Banking Supervision (Switzerland)
December 9, 2013
127. Independent Regulatory Board for Auditors (South Africa)
December 9, 2013
128. Institute of Chartered Accountants of Pakistan (Pakistan)
December 12, 2013
129. International Forum of Independent Audit Regulators (United States)
December 12, 2013
130. Institute of Singapore Chartered Accountants (Singapore)
December 13, 2013
131. Jack Ciesielski (United States)
December 13, 2013
132. International Organization of Securities Commissions (Spain)
December 17, 2013
133. Center for Audit Quality (United States)
December 19, 2013
134. Joseph Carcello (United States)
December 19, 2013
135. CFA Institute (United States)
December 30, 2013
136. Sobeys Inc. (Canada)
January 3, 2014
137. Denise Silva Ferreira juvenal (Brazil)
January 5, 2014
138. Council of Institutional Investors (United States)
January 8, 2014
139. Institute of Chartered Accountants of Jamaica (Jamaica)
March 3, 2014
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
