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IAASB’s Revised Standard ISA 720 Enhances Auditor Focus on Annual Reports in Light of Increased Investor Focus on Qualitative Disclosures

  • IAASB - Assurance Image

Apr 08, 2015

On April 8, 2015, the International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The revisions aim to clarify and increase the auditor’s involvement with “other information”—defined in the standard as financial and non-financial information, other than the audited financial statements, that is included in entities’ annual reports.

The standard also includes new requirements related to auditor reporting on other information that complement the changes arising from the IAASB’s new and revised Auditor Reporting standards, issued earlier this year. Concurrent with those standards, ISA 720 (Revised) will be effective for audits of financial statements for periods ending on or after December 15, 2016.

Review the Press release on the IAASB's Web site.

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