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Deloitte comment letter on IAASB Invitation to Comment 'Improving the Auditor’s Report'

Published on: 07 Oct 2012

We applaud the IAASB for the progress made in its deliberations related to improving the value of the auditor’s report and for the Board’s consideration of unprecedented changes to the auditor’s report that are intended to enhance auditor reporting. We appreciate the IAASB’s efforts to obtain and consider the views of key stakeholders, including investors, preparers, regulators, governments, the business community, and auditors regarding the direction proposed by the Board for the future auditor’s report.

While acknowledging that this is a very difficult task, due in part to the diversity of perspectives and complexity of the issues under consideration, we encourage the Board to continue its deliberations to progress meaningful change to the auditor’s report as quickly as possible. We recognise that throughout future deliberations, continued consideration of the value and impediments of suggested improvements will remain important.

The letter, which can be downloaded below, outlines a number of points for the IAASB to consider in finalising its proposed revised standard.

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