Guidance & Support Tools
Guidance to Assist in Field Testing of Proposed International Standard on Auditing (ISA) 701, Communicating Key Audit Matters in the Independent Auditor’s Report
This guidance has been prepared by Staff of the International Auditing and Assurance Standards Board (IAASB) to highlight considerations that may be of assistance to audit firms as they plan their field testing of proposed ISA 701. This document is not intended to be prescriptive in terms of an approach to field testing. The IAASB invites feedback from the experiences of field testing as part of the comments in response to the IAASB’s July 2013 Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing. It is essential that the IAASB be made fully aware of such feedback so that the final ISA 701 is both robust and workable in practice.
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