At its meeting on October 24-26, 2017, the IAASB broadly discussed revisions to the definition of ‘controls,’ as well as what it means to obtain an understanding of the five components of internal control. The Board also discussed proposed changes in relation to IT aspects when obtaining an understanding of the entity and its environment, the entity’s financial reporting framework and the components of internal control (including in relation to general IT controls). The Board broadly supported the proposed changes but highlighted that the boundary of the auditor’s understanding in relation to financial reporting needed to be clarified.

Review the summary and podcast on the IAASB's Web site.