PIR of the New Auditor Reporting Standards – AASB

Date recorded:

At its meeting on September 11-12, 2021, the AASB discussed issues related to the IAASB’s post-implementation review of auditor reporting. Key issues discussed included:

  1. whether the IAASB should undertake a follow-up post-implementation review focusing on key audit matters (KAM) reporting; and
  2. whether the material uncertainties section in an auditor’s report should be similar to KAM. In particular, the AASB discussed whether such material would be similar to close-call going concern assessments or set out the auditor’s procedures undertaken.

Review the Executive Summary on the AASB's Web site.

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