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Invitation to Comment – Implementation Considerations for New Auditor Reporting Standards

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Jun 15, 2015

On June 15, 2015, the Auditing and Assurance Standards Board (AASB) issued an Invitation to Comment that seeks input on proposed effective dates and other considerations. Stakeholders are encouraged to submit their comments by October 30, 2015.

These standards comprise:

  • CAS 700, Forming an Opinion and Reporting on Financial Statements;
  • CAS 701, Communicating Key Audit Matters in the Independent Auditor’s Report;
  • CAS 705, Modifications to the Opinion in the Independent Auditor’s Report;
  • CAS 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report;
  • CAS 570, Going Concern;
  • CAS 260, Communication with Those Charged with Governance; and
  • conforming amendments to other standards.

The AASB has tentatively decided that the above standards should have a later effective date than that of the corresponding International Standards on Auditing.

The AASB expects that the final standards will be issued in the first half of 2016 to permit their use for 2017 calendar year-end audits. Early adoption will be permitted.

Download the Invitation to Comment from the AASB's Web site.

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