The auditor’s report is the auditor’s primary means of communication with an entity’s stakeholders—as such, it has to be meaningful and have value for them. More than ever before, users of audited financial statements are calling for more pertinent information for their decision-making in today’s global business environment with increasingly complex financial reporting requirements. The global financial crisis also has spurred users, in particular institutional investors and financial analysts, to want to know more about individual audits and to gain further insights into the audited entity and its financial statements. And while the auditor’s opinion is valued, many perceive that the auditor’s report could be more informative. Change, therefore, is essential.
The IAASB understands and embraces the significant need for, and importance of, international leadership on the topic of Auditor Reporting. The IAASB is moving rapidly, in a coordinated and outspoken fashion, in developing a global solution in response to calls for change. Check back frequently for updates to this page as the IAASB’s work progresses.
IAASB Recent Meeting Activity:
- IAASB’s February 2013 meeting highlights
- IAASB’s February 2013 meeting podcast—a short audio summary of key meeting outcomes
- IAASB’s December 2012 meeting highlights
- IAASB’s December 2012 meeting podcast—a short audio summary of key meeting outcomes
- IAASB’s September 2012 meeting highlights
- IAASB’s September 2012 meeting podcast—a short audio summary of key meeting outcomes
- IAASB’s June 2012 meeting highlights
- IAASB’s June 2012 meeting podcast—a short audio summary of key meeting outcomes
Auditor Reporting Information:
- Responses to the June 2012 Invitation to Comment
- IAASB Auditor Reporting Roundtables
- Invitation to Comment—approved at the June 2012 IAASB meeting
- At a Glance—overview of the Invitation to Comment
- Auditor Reporting Project history—including academic research findings commissioned by the IAASB
- IAASB May 2011 Consultation Paper on Auditor Reporting—including responses
- ISA 700 - The IAASB’s Current Auditor Reporting Standard
- IAASB Fact Sheet
- Comment period for Invitation to Comment – closed - October 8, 2012
- Exposure draft of revised auditing standards – June 2013
- Approval of final revised auditing standards – June 2014
*The time needed to finalize the auditing standards takes into account the rigorous due process followed by the IAASB, which is critical to ensure that the views of those affected by its standards are thoroughly considered.
Auditor Reporting News and Events:
- Should auditor’s reports include commentary on key items? - The IAASB's chairman Arnold Schilder, Deputy Chair Dan Montgomery, and Technical Director James Gunn discuss issues related to the auditor’s reporting project with Ken Tysiac of Corporate Finance.
- IAASB roundtable discusses bigger role for auditors - The Star Malaysia reports from the IAASB round table in Kuala Lumpur.
- New auditing standards to protect investors - The IAASB’s chairman, Arnold Schilder is interviewed by the Australian publication Business Day.
- Audit reporting rules could see duel accounting - Dan Montgomery, deputy chairman of the IAASB and chairman of its Auditor Reporting Task Force speaks to Accountancy Age on the IAASB’s call for auditor reporting reform.
- International Auditing Board Seeks Facelift for Auditor’s Boilerplate - The IAASB’s chairman, Arnold Schilder, and Deputy Chair Dan Montgomery are featured in the Wall Street Journal’s CFO Report, where they discussed what the auditor can add to the understanding of financial statements.
- PwC - The Future of Audit - Building consensus on the future of audit, Arnold Schilder, chairman of the IAASB, and Richard Sexton, PwC deputy global assurance leader, share their insights on developments with PwC partner Diana Hillier in three short videos.
- Suddenly, Audit Reports Get Sexy - CFO.com discusses The IAASB's “Invitation to Comment” Improving the Auditor’s Report.