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New Auditor Reporting - AASB

Date recorded:

At its meeting on December 14, 2018, the AASB unanimously approved amendments to the effective date of paragraph 46 of CAS 700, Forming an Opinion and Reporting on Financial Statements. As a result, the requirement for the auditor to disclose the engagement partner name does not apply for auditor’s reports dated on or after December 15, 2018, for audits of financial statements of entities whose engagement partner name appears on Form AP, Auditor Reporting of Certain Audit Participants, to be filed with the U.S. Public Company Accounting Oversight Board (PCAOB) for that engagement.

The AASB unanimously agreed that such amendments were significant but decided not to expose the amendments for comment. The Board noted that a limited number of entities are affected. The Board also noted that readers of the auditor’s report of entities affected by the deferral of application of paragraph 46 who wish to determine the engagement partner name for the engagement can do so by accessing Form AP on the PCAOB website. The amendments to CAS 700 will be included in a March 2019 Handbook update.

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

Correction list for hyphenation

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