Comment deadline for FRC invitation to comment on IAASB’s Exposure Draft on proposed changes to various International Standards on Auditing (ISAs) to better deal with disclosures in financial statement audits
The Financial Reporting Council (FRC) has requested comments from interested parties on the International Auditing and Assurance Standards Board’s (IAASB’s) recently issued Exposure Draft (ED) ‘Addressing Disclosures in the Audit of Financial Statements’ that was published in May 2014. The FRC intends to use comments received to assist it in developing its response to the IAASB and to assist it in developing proposals for the adoption into the UK equivalent ISA (UK and Ireland) when the changes to the ISAs are finalised.
As well as understanding respondents comments in relation to the questions posed by the IAASB in the ED, the FRC are also keen to understand from respondents whether, and if so how, the proposed changes should be adopted in the UK through amendments to the ISAs (UK and Ireland).
Comments are invited by the FRC until 4 August 2014.
