IAASB Welcomes PCAOB's New Enhanced Auditor Reporting Standard
Aug 01, 2017
On August 1, 2017, the International Auditing and Assurance Standards Board (IAASB) welcomed the adoption by the Public Company Accounting Oversight Board (PCAOB) of a new auditing standard to enhance auditor’s reports by providing additional, relevant information to users, including critical audit matters.
The PCAOB’s new standard, which is subject to Securities and Exchange Commission (SEC) approval, is comparable with the IAASB’s new and revised Auditor Reporting Standards, which require the communication of key audit matters in auditor’s reports of listed entities and became effective for December 2016 year-end audits.
Two new publications comparing the IAASB and PCAOB standards have been developed by the IAASB’s Auditor Reporting Implementation Working Group. These publications will assist users in understanding the key similarities and differences between the IAASB and PCAOB requirements. Additional information on the IAASB’s new and revised Auditor Reporting Standards, as well as support materials, are available online.
Review the press release on the IAASB's website.
Related Topics
- New Auditor Reporting (Amendments to CAS 700, CAS 705, CAS 706, CAS 260 and CAS 570 and new CAS 701) [Completed]
- New Auditor Reporting – Summary Financial Statements (Amendments to CAS 810, Engagements to Report on Summary Financial Statements) [Completed]
- New Auditor Reporting – Special Considerations (Amendments to CAS 800 and CAS 805) [Completed]
