IAASB exposure draft on auditors' report
04 Jul 2005
The International Auditing and Assurance Standards Board (IAASB) has published the following exposure drafts of proposed International Standards on Auditing (ISAs), which may be downloaded from IFAC's Website.
Comment deadline is 31 October 2005:
- Proposed ISA 701, The Independent Auditor's Report on Other Historical Financial Information. This proposed ISA 701 addresses auditors' reports for a wide variety of engagements, including reporting on a single financial statement, or a specific element of a financial statement. It also provides guidance on determining the acceptability of the financial reporting framework used in preparing and presenting the financial information, and matters the auditor considers in forming an opinion on the financial information, including considerations relevant to financial statements designed to give a true and fair view or fair presentation on the one hand, and to those prepared under a compliance framework on the other.
- Proposed ISA 800, The Independent Auditor's Report on Summary Audited Financial Statements. This proposed ISA 800 recognises that criteria for preparing and presenting summary financial statements may not exist. It contains new standards and guidance on the criteria used and procedures performed in an engagement to report on summary financial statements.