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FRC calls for comments on the IAASB’s Exposure Draft on proposed changes to various International Standards on Auditing (ISAs) to better deal with disclosures in financial statement audits

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26 Jun 2014

The Financial Reporting Council (FRC) has requested comments from interested parties on the International Auditing and Assurance Standards Board’s (IAASB’s) recently issued Exposure Draft (ED) ‘Addressing Disclosures in the Audit of Financial Statements’ that was published in May 2014. The FRC intends to use comments received to assist it in developing its response to the IAASB and to assist it in developing proposals for the adoption into the UK equivalent ISA (UK and Ireland) when the changes to the ISAs are finalised.

The IAASB ED, which follows an earlier discussion paper, proposes changes to various International Standards on Auditing (ISAs) to better deal with disclosures in financial statement audits. The ED seeks to achieve an appropriate focus by auditors on disclosures and encourage earlier auditor attention on them during the audit process, including disclosures where the information is not derived from the accounting system.

The FRC’s equivalent ISAs (UK and Ireland) are largely developed from the ISAs published by the IAASB and are amended, where necessary, to address specific UK and Ireland legal and regulatory requirements and other matters that are appropriate in the UK and Ireland national legislative, cultural and business context.

As well as understanding respondents comments in relation to the questions posed by the IAASB in the ED, the FRC are also keen to understand from respondents whether, and if so how, the proposed changes should be adopted in the UK through amendments to the ISAs (UK and Ireland).

Comments are invited by the FRC until 4 August 2014.

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