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Basis for Conclusions – CAS 720, The Auditor’s Responsibilities Relating to Other Information

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Jun 14, 2017

On June 14, 2017, the Auditing and Assurance Standards Board (AASB) released this document which summarizes the process followed in developing this standard and the conclusions reached by the AASB.

The significant matters considered by the AASB include:

  • AASB’s Consideration of Amendments to ISA Wording
    • Clarifying the Documents within the Scope of CAS 720
    • Amending References to Relevant Ethical Requirements
    • Enhancing the Description of the Auditor’s Responsibilities Relating to Other Information Expected to Be Obtained after the Date of the Auditor’s Report in the Illustrative Reports
  • Clarifying the Documents Outside the Scope of CAS 720
  • Identifying Other Information of a Listed Entity Expected to Be Obtained after the Date of the Auditor’s Report

The AASB considered issues relating to the effective date of CAS 720. The Board thought that it should be the same as the date of the CASs resulting from its project on new auditor reporting standards. The effective date of CAS 720 is for financial statement periods ending on or after December 15, 2018.

Because ISA 720 is effective for financial statement periods ending on or after December 15, 2016, auditors performing audits of financial statements in accordance with the CASs for periods ending on or after this date should not represent compliance with the ISAs unless they have also complied with
ISA 720.

Download the Basis for Conclusions on the AASB's website.

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