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ACCA launches survey on the IAASB proposed changes to audit reports

  • ACCA (UK Association of Chartered Certified Accountants) (lt green) Image

01 Oct 2013

The Association of Chartered Certified Accountants (ACCA) has launched an online survey to gather feedback from interested parties on the International Auditing and Assurance Standards Board’s (IAASB’s) Exposure Draft which proposes changes to audit reports including the provision of more information on how audits are performed.

The IAASB released their Exposure Draft (ED) ‘Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs) in July 2013.  The ED revises a number of existing ISAs (700, 260, 570, 705 and 706) but also introduces a new ISA, ISA 701 ‘Communicating Key audit matters in the Independent Auditor’s Report’.  Under ISA 701, the IAASB proposes that within the audit report there should be a “key audit matters” section which would outline audit matters that were of most significance which arose during the audit.   

The ACCA intends to use comments received to assist it in developing its response to the IAASB’s proposals. Interested parties are invited to complete the online survey until 31 October 2013.

Subsequent to the launch of the survey, the ACCA along with the Financial Reporting Council (FRC) held a discussion forum event in London to discuss the IAASB’s proposals.  The slides for the meeting can be obtained from the FRC website here and the transcript of the meeting here (also on the FRC website). 

The ACCA and the FRC will be jointly hosting a further roundtable event in Brussels.  Details of the event and registration can be found here on the FRC website. 

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