IAASB developments

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17 Jul, 2015

The International Auditing and Assurance Standards Board (IAASB) has released revised International Standards on Auditing (ISAs) to better deal with disclosures in financial statement audits. It has also released a publication on assurance on integrated reporting.

The revised standard Addressing Disclosures in the Audit of Financial Statements aims to focus auditors more explicitly on disclosures throughout the audit process and drive consistency in auditor behavior in applying the requirements of the ISAs. As a complement to the revisions, the IAASB staff has also developed a companion publication for auditors that describes financial reporting disclosure trends and their possible implications from an audit perspective and highlights how the ISAs as revised guide the auditor in addressing disclosures. Please click to access the IAASB press release, the final pronouncement, the companion document, the basis for conclusions and an At a Glance document, which explains the main changes, on the IAASB website.

The other publication, Exploring Assurance on Integrated Reporting and Other Emerging Developments in External Reporting, has been developed by the IAASB's Integrated Reporting Working Group to inform stakeholders about the board’s ongoing work in this area. The publication’s release coincides with the issuance of the International Integrated Reporting Council (IIRC)’s Overview of Feedback and Call for Action published last week. Please click to access the press release and the publication on the IAASB website.

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