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IAASB Finalizes Amendments to Auditing Standards to Promote Greater Focus on Financial Statement Disclosures

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Jul 15, 2015

On July 15, 2015, the International Auditing and Assurance Standards Board (IAASB) released its revised International Standards on Auditing (ISAs), Addressing Disclosures in the Audit of Financial Statements. The revisions to the standards aim to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behavior in applying the requirements of the ISAs.

The revisions to the standards encompass changes to 10 ISAs and conforming amendments to five other ISAs. They will be effective for audits of financial statements for periods ending on or after December 15, 2016, in line with the effective date for the new and revised Auditor Reporting standards and ISA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information.

Download from the IAASB’s Web site:

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