Analysis of the main potential changes in auditing standards arising from the Exposure Draft of ISA 720 (Revised)
28 Dec 2012
The UK Financial Reporting Council (FRC) invites comments on IAASB exposure draft of the revised auditing standard on the auditor’s responsibilities relating to other information accompanying audited financial statements before it finalises its response to the IAASB. In this connection, the FRC staff has prepared a detailed analysis of the main changes proposed in the exposure draft compared to the requirements in order to to assist those seeking to understand the implications of the proposals in the IAASB’s exposure draft.
Attachment 2 of the document perepared by the FRC staff includes a table comparing the IAASB exposure draft published in November 2012 and ISA (UK and Ireland) 720 covering the objectives, definitions and requirements. ISA (UK and Ireland) 720 adopts the text of the current ISA 720, with supplementary wording added by the FRC. The additional wording added by the FRC is differentiated in the table by the use of grey shading and thus easily identifiable which renders the table also a useful tool for interested parties not based in the UK or Ireland.
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