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International Auditing and Assurance Standards Board (IAASB)

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Added on  2020-03-23

International Auditing and Assurance Standards Board (IAASB)

   Added on 2020-03-23

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1Name:Course Professor’s nameUniversity nameCity, StateDate of submission
International Auditing and Assurance Standards Board (IAASB)_1
2Executive SummaryThe International Auditing and Assurance Standards Board (IAASB) have taken a significant turn in the audit report in order to improve the communication to users of audited financial statements (Anandarajan and Kleinman, 2015). These changes do not only involve changes in the report, but also in the way the auditor works and in the relationship with his clients. It is of particular importance that the audit report devotes a new section to the key audit issues - which we refer to in this document as KAM, which are the acronyms of the NIA 701 and that should beinformed in the opinion of the auditor, except specific specific cases.Keywords: IAASB; IFAC; Key audit matters; ASA; ASA 700; ASA 701.
International Auditing and Assurance Standards Board (IAASB)_2
3Table of ContentsMain changes in the structure of the audit report Introduction......................................................3Auditing Issues Surrounding the collapse of ABC Learning Centre...............................................4Key Audit matters in the collapse of ABC Learning Centre...........................................................5Audit for Going Concern- ASA 570................................................................................................6Going concern..................................................................................................................................7Audit Procedures.............................................................................................................................8Usefulness of ASA 701- Auditors communication.........................................................................9Conclusion.....................................................................................................................................11References......................................................................................................................................11
International Auditing and Assurance Standards Board (IAASB)_3
4Main changes in the structure of the audit reportIntroductionWhat motivated this reform, according to ISA 701 -Communication of key aspects of the audit inthe report of the independent auditor-, is because the users of the financial statements have demanded more information of those issues that they are most concerned about the communications maintained between the GER and the auditors. In accordance with the above, NIA 260 -Communications of audit issues with those in charge of administration (Revised) -which covers the aforementioned communications, has an important relevance when it comes to performing the work (Collings, n.d.).There have also been major changes in other ISAs. For example, in ISA 720 -Responsibility of the auditor on other information in documents containing audited financial statements-, dedicatedto the verification of other information - that is, that accompanying the financial statements, whose level of assurance is lower, but with application in some countries; in ASA 570 -Companyunderway (Revised) - about the work to verify that the company applies the principle of businessin operation, where we will see that the material uncertainties about this principle have a section in the report , before they were part of the emphasis paragraphs (Hayes, Gortemaker and Wallage, n.d.). The purpose of this review is undoubtedly the new order of audit paragraphs.By way of summary, the main modified standards have been made in the following norms,
International Auditing and Assurance Standards Board (IAASB)_4

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