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14 Jul. 2016

AUASB invites comments on Exposure Draft 03/16

The AUASB invites comments on Exposure Draft 03/16 Proposed Auditing Standard ASA 810 Engagements to Report on Summary Financial Statements.

The proposed revisions align to recent changes made by the International Auditing and Assurance Standards Board (IAASB) to its equivalent International Standards on Auditing.

The revisions, are mainly to application and explanatory guidance, and seek to assist the auditors to properly apply the new and revised auditor reporting and other information standards in the context of ASA 810 engagements.  The implementation of the revisions, is not expected to represent a significant change in current audit practices.

The changes arising from ED 03/16 will be effective for financial reporting periods ending on or after 15 December 2016.

Comment letters are to be lodged with the AUASB via the “Submit comments to AUASB” button.  A PDF and Word document must be lodged, only PDF documents will subsequently appear on this website, unless comments are marked as confidential. AUASB requires a Word document for internal use only.

Please forward any comments by no later than 15 August 2016.