IAASB finalises changes to financial statement reporting
The International Auditing and Assurance Standards Board (IAASB) has unveiled its finalised changes in regards to reporting on summary financial statements.
The IAASB has released ISA 810 (Revised), Engagements to Report on Summary Financial Statements, which deals with the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with International Standards on Auditing (ISAs) by that same auditor.
The limited amendments to ISA 810 (Revised) leverage the additional transparency in the auditor’s report on the audited financial statements resulting from the IAASB’s new and revised Auditor Reporting standards issued in January 2015.
“The issuance of ISA 810 (Revised) represents the culmination of the IAASB’s work on auditor reporting that began in 2006. Feedback from our stakeholders has helped us finalise our proposals to meet the public interest calls from investors and others to enhance auditor reporting,” noted IAASB chairman Prof Arnold Schilder.
“We already see positive momentum growing around the world to implement these standards.”
ISA 810 (Revised) will become effective at the same time as the auditor reporting standards addressing general purpose financial statements — for engagements to report on summary financial statements for periods ending on or after 15 December 2016.
“Through our Auditor Reporting Implementation Working Group, the IAASB and its staff remain committed to promoting awareness of our new and revised auditor reporting standards and facilitating their effective implementation,” concluded IAASB technical director Kathleen Healy.