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16 Jan. 2015

IAASB Issues New and Revised Auditor Reporting Standards and Related Conforming Amendments

The first group of key changes to auditor reporting standards was released today by the International Auditing and Assurance Standards Board (IAASB).  This brings to fruition a significant portion of this very important project, which has involved extensive deliberations, research, public consultations and outreach with practitioners, policy makers, regulators, national standard setters, investors and other stakeholders.

The AUASB has been actively involved with this IAASB project since its inception and has already developed a high-level approach to integrating the changes into the Australian Auditing Standards.  More detailed plans are scheduled for consideration by the AUASB at its 24 February 2015 meeting.

The IAASB’s new and revised standards will be adopted by the AUASB and modified only where compelling reasons exist, such as to accommodate Australian legislative requirements.  Issues and modifications to the ISA documents have been identified and discussed during the past three AUASB meetings so as to make ready for implementation of the changes.

This first tranche of IAASB standards will be used to create Australian exposure drafts planned for issue in late April 2015 and will be followed by the further changes subject to release by the IAASB.

The remaining changes in the pipeline are the revision of ISA 720 (auditor’s responsibilities for other information), the disclosures project, and consequential changes to the special purpose reporting standards (ISA 800 series). Progressive release by the IAASB is expected during this year.

All changes to the Australian Auditing Standards, once finalised, will be effective for financial reporting periods commencing on or after 1 January 2016.

The IAASB has issued an “At a Glance” summary of the changes which highlights key aspects of the new and revised standards.