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16 Jun. 2016

AUASB invites comments on Exposure Drafts 01/16 and 02/16

The AUASB invites comments on Exposure Draft 01/16 Proposed Auditing Standard ASA 800 Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks and Exposure Draft 02/16 Proposed Auditing Standard ASA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

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 800 and ASA 805 engagements. The implementation of the revisions, is not expected to represent a significant change in current audit practices. 

The changes arising from ED 01/16 will be effective for audits of special purpose financial reports for periods ending on or after 15 December 2016. The changes arising from ED 02/16 will be effective for financial reporting periods ending on or after 15 December 2016 or as at a date on or after 15 December 2016 for audits of single financial statements, or a specific element, account, or item of a financial statement.

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 18 July 2016.