IAASB Proposes Limited Changes to Auditing Standards in Response to the IESBA’s Project Addressing Non-Compliance with Laws and Regulations

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Jul 23, 2015

On July 23, 2015, the International Auditing and Assurance Standards Board (IAASB) released an Exposure Draft "Proposed Amendments to the IAASB’s International Standards—Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations", to propose limited amendments to the IAASB’s International Standards in response to the International Ethics Standards Board for Accountants (IESBA’s) May 2015 Re-Exposure Draft, Responding to Non-Compliance with Laws and Regulations.

The focus of the Exposure Draft is proposed amendments to International Standard on Auditing (ISA) 250, Consideration of Laws and Regulations in an Audit of Financial Statements, with less extensive changes proposed to seven other standards. The amendments, which are limited in nature, do not explicitly duplicate in detail all the specific requirements in the IESBA Code of Ethics for Professional Accountants (the Code), as this allows for flexibility when ethical codes other than the Code are applied. Rather, the IAASB’s proposals seek to acknowledge the enhancements that will be made by the IESBA in the Code and clarify and emphasize key aspects of the IESBA’s proposals in the IAASB’s International Standards.

The IAASB’s Exposure Draft is open for comment through October 21, 2015.

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