Summary Financial Statements - IAASB

Dec 07, 2015

At its meeting on December 7-11, 2015, the IAASB approved the final amendments to ISA 810, which included: (i) relocating and clarifying the material addressing the auditor’s work on information attached to the summary financial statements, including making specific reference to considering the implications for the auditor’s report; (ii) making it mandatory that the ISA 810 auditor’s report includes a statement if the auditor’s report on the audited financial statements describes an uncorrected material misstatement of the other information according to ISA 720, The Auditor's Responsibilities relating to Other Information in Documents Containing Audited Financial Statements; and (iii) certain consequential amendments resulting from the new and revised auditor reporting standards. ISA 810 will be published once the Public Interest Oversight Board has approved the due process followed in its development and will be effective for the audits of financial statements for periods ending on or after December 15, 2016, consistent with the other new and revise auditor reporting standards.