New and Revised Auditor Reporting Standards

Last Updated Wednesday, July 8, 2020 3:25:51 PM

 

 

 

New and Revised Auditor Reporting Standards

On 15 January 2015, the IAASB released its new and revised Auditor Reporting standards, designed to significantly enhance auditors’ reports for investors and other users of financial statements. The new auditor reporting standards are widely recognised as the most significant development in auditing in recent history. These standards will be effective for audits of financial statements for periods ending on or after 15 December 2016.

Early Adopters - New and Revised Auditor Reporting Standards

  • SAICA Publication: The New Auditor's Report - The Early Adopters in South Africa (200KB PDF)
  • SAICA Publication: Early adopters- New and Revised Auditor Reporting Standards (List of Companies) (142Kb PDF)

Suite of New and Revised Auditor Standards

The following standards are affected and can be downloaded from IRBA webpage:

  • ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
  • ISA 701, Communicating Key Audit Matters in the Independent Auditor's Report
  • ISA 570 (Revised), Going Concern
  • ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report
  • ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
  • ISA 260 (Revised), Communication with Those Charged with Governance
  • Conforming Amendments to ISAs 210, 220, 230, 510, 540, 580, 600, and 710

Other Revised Standards and Pronouncements relating to Auditor Reporting

Communiqué’s

 

 

 

 

IAASB  Auditor Reporting Toolkit

 

 

 

 

 

 

 

Recent Developments

With more than two years of post-implementation experience, this publication provides an overview and analysis of the revised format auditor’s reports of certain entities listed on the JSE.

 

 

 

 

S & L Articles on the new auditor’s report