IAASB Chairman speaks about evolving role of auditors and auditor reporting

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16 Aug, 2013

At the 2013 CReCER Conference in Nicaragua, Prof. Arnold Schilder, Chairman of the IAASB, delivered a speech on the evolving role of auditors and auditor reporting. He specifically discussed how he felt the proposals outlined in the recent exposure draft on auditor reporting would provide more value to users of financial statements.

The IAASB recently issued an exposure draft that proposes changes to audit reports, including provisions to include more information on how audits are performed. During his speech, Mr Schilder highlighted certain aspects of the proposal that would create substantial changes in how auditors communicate their opinion to users of their reports, including:

  • Movement of the opinion to the first item in the auditor's report.
  • A new section of the report where the auditor communicates significant matters during the audit.
  • A specific statement in the report about the entity's ability to continue as a going concern.
  • A statement about the auditor's independence from the audited entity.

The transcript of his speech is available on the IFAC website.

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