At its meeting on September 12-13, 2016, the AASB discussed issues related to the adoption of ISAs on auditor reporting, as well as views raised by AASOC members at its July 2016 meeting, including: (i) the scoping, and effective dates for the implementation of key audit matters reporting; (ii) whether early application should be allowed and, if so, the implications; (iii) how to support successful implementation of the standards; (iv) timelines for issuance of the standards and related materials to support their implementation; and (v) key messages to highlight in a message from the Chair.

The AASB will continue to discuss these and other issues at its October 2016 meeting. The AASB Chair intends to issue a message to update stakeholders with more details on the progress of this project in late 2016.

Review the executive summary on the AASB's Web site.