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Reporting on Audited Financial Statements
In September 2013 the AASB has issued an Exposure Draft in Canada that is based on the IAASB's Exposure Draft, entitled "Reporting on Audited Financial Statements". The proposals call for increased disclosure of key audit matters, significant risks and going concern matters.

Engagements to Review Historical Financial Statements
In September 2013 the AASB has issued an Exposure Draft for a proposed new standard (CSRE) 2400, that would replace handbook sections 8100, 8200, 8500 and AuG20, and AuG 47. The proposed standards would reflect developments in the review engagement environment and changes in practice since the standards were last issued (i.e., 25 years ago).

The US revised their review engagement standards in 2011 and the International Auditing and Assurance Standards Board (IAASB) issued a new International Standard ISRE 2400 in 2012. Under the proposed standard plausibility would be replaced by limited assurance. The procedures required for limited assurance would still be inquiry and analysis but based on an assessment of risk or where material misstatements are most likely to occur. A useful guide to the new international standards can be found at http://www.ifac.org/publications-resources/guide-review-engagements

Other
• The 12th edition of the Guide to Reporting Implications of New Auditing and Accounting Standards was issued in April 2014.

• In June 2014 The AASB has issued an Exposure Draft Addressing Disclosures in the Audit of Financial Statements.

• A revised "Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements" will likely be exposed for comment this summer. The revised joint policy statement will be appended to CAS 501, Audit Evidence — Specific Considerations for Selected Items.

Hot Topics

IFAC have issued Proposed International Standards on:

· Compilation engagements (Oct 2010)
International Standard on Related Services (ISRS) 4410, Compilation Engagements.

Download the exposure draft from
http://www.ifac.org/Guidance/EXD-Details.php?EDID=0144

· Review Engagements (Jan 2011)
ISRE 2400 (Revised), Engagements to Review Historical Financial Statements

Download the exposure draft from
http://www.ifac.org/Guidance/EXD-Details.php?EDID=0153

Comments can be sent to the CICA by April 16 or to IFAC directly by May 20, 2011