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Published: Jul 25, 2013
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Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing
Exposure DraftThis exposure draft seeks views from stakeholders in relation to the IAASB’s proposals to enhance auditor reporting globally. The proposals respond to calls from investors, analysts, and other users of audited financial statements in the wake of the global financial crisis for the auditor to provide more relevant information in the auditor’s report, and build upon the indicative direction set out in the IAASB’s June 2012 Invitation to Comment. This exposure draft includes proposed new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and a number of proposed revised ISAs, including revisions to ISA 700, Forming an Opinion and Reporting on Financial Statements. Example reports illustrating various circumstances are included in the proposed ISAs. The complete exposure draft is included as the first file below; the separate components are also included for ease of accessibility.
An At a Glance publication provides an overview of the exposure draft. IAASB Staff has prepared Guidance to Assist in Field Testing of Proposed ISA 701 to highlight considerations that may be of assistance to audit firms as they plan their field testing of proposed ISA 701. Staff-prepared supplements illustrating the changes to extant ISA 700 and extant 705 have also been prepared.
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Explanatory Memorandum Included in ED (PDF | 4.5 MB)
All Proposed ISAs Included in ED (PDF | 1.8 MB)
Proposed ISA 700 (Revised) (PDF | 398K)
Proposed ISA 701 (PDF | 256K)
Proposed ISA 260 (Revised) (PDF | 304K)
Proposed ISA 570 (Revised) (PDF | 310K)
Proposed ISA 705 (Revised) (PDF | 332K)
Proposed ISA 706 (Revised) (PDF | 80K)
Proposed Conforming Amendments to Other ISAs (PDF | 235K)
Submitted Comment Letters
1. Wirtschaftsprüferkammer (Germany)
October 25, 20132. BlackRock, Inc. (United States)
October 30, 20133. Chartered Professional Accountants of Canada (Canada)
October 30, 20134. Auditor General of Alberta (Canada)
November 1, 20135. Australasian Council of Auditors-General (Australia)
November 4, 20136. Auditor General of Manitoba (Canada)
November 7, 20137. Association of International Accountants (United Kingdom)
November 8, 20138. Chris Barnard (Germany)
November 8, 20139. Fédération des Experts Comptables Européens (Europe)
November 8, 201310. Institute of Professional Auditors (Russian Federation)
November 11, 201311. Institute of Chartered Accountants (Ghana) (Ghana)
November 13, 201312. Klaus Ruhnke (Freie Universität Berlin, FACTS Department) (Germany)
November 15, 201313. Swire Pacific Limited (Hong Kong (Special Administrative Region of China))
November 15, 201314. Komora Auditorů České Republiky (Chamber of Auditors of the Czech Republic) (Czech Republic)
November 18, 201315. National Audit Office (United Kingdom)
November 18, 201316. Association of Chartered Certified Accountants (United Kingdom)
November 19, 201317. California Society of CPAs (United States)
November 19, 201318. European Issuers (Belgium)
November 19, 201319. Inter-American Accounting Association (Bolivia)
November 19, 201320. New York State Society of Certified Public Accountants (United States)
November 19, 201321. Pennsylvania Institute of Certified Public Accountants (United States)
November 19, 201322. SRA (Samenwerkende Register Accountants) (Netherlands)
November 19, 201323. Swedish National Audit Office (Sweden)
November 19, 201324. Australian Auditing and Assurance Standards Board (Australia)
November 20, 201325. BCEMW- Jean Bédard, Paul Coram, Reza Espahbodi, Theodore J. Mock and Rick C. Warne (United States)
November 20, 201326. Crowe Horwath International (United States)
November 20, 201327. Institute of Chartered Accountants Australia (Australia)
November 20, 201328. International Association of Insurance Supervisors (Switzerland)
November 20, 201329. New Zealand Institute of Chartered Accountants (New Zealand)
November 20, 201330. Provincial Auditor Saskatchewan (Canada)
November 20, 201331. The World Bank (United States)
November 20, 201332. U.S. Chamber of Commerce - Center for Capital Market (United States)
November 20, 201333. American Institute of Certified Public Accountants’ Auditing Standards Board (United States)
November 21, 201334. AngloGold Ashanti Limited (South Africa)
November 21, 201335. Baker Tilly UK Audit LLP (United Kingdom)
November 21, 201336. CPA Australia (Australia)
November 21, 201337. Canadian Auditing and Assurance Standards Board (Canada)
November 21, 201338. Deloitte Touche Tohmatsu Limited (United States)
November 21, 201339. European Banking Authority (Europe)
November 21, 201340. Federation of Accounting Professions Thailand (Thailand)
November 21, 201341. Financial Reporting Council (Australia)
November 21, 201342. Financial Reporting Council (United Kingdom)
November 21, 201343. Grant Thornton International Ltd (United Kingdom)
November 21, 201344. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
November 21, 201345. Institute of Certified Public Accountants in Ireland (Ireland)
November 21, 201346. Institute of Certified Public Accountants of Kenya (Kenya)
November 21, 201347. Institute of Chartered Accountants of Scotland (United Kingdom)
November 21, 201348. Johannesburg Stock Exchange (South Africa)
November 21, 201349. PKF International Limited (United Kingdom)
November 21, 201350. PricewaterhouseCoopers International Limited (United Kingdom)
November 21, 201351. Securities Commission of Malaysia - Audit Oversight Board (Malaysia)
November 21, 201352. Standard & Poor's Ratings Services (United States)
November 21, 201353. The Japanese Institute of Certified Public Accountants (Japan)
November 21, 201354. The Malta Institute of Accountants (Malta)
November 21, 201355. The Securities Analysts Association of Japan (Japan)
November 21, 201356. ASSIREVI Association of the Italian audit firms (Italy)
November 22, 201357. Ashley Burrowes (University of Canterbury) (New Zealand)
November 22, 201358. Auditor General of Canada (Canada)
November 22, 201359. Auditor General of South Africa (South Africa)
November 22, 201360. Australian Institute of Company Directors (Australia)
November 22, 201361. BDO International Limited (United Kingdom)
November 22, 201362. CFO Forum of South Africa (South Africa)
November 22, 201363. Canadian Securities Administrators - Chief Accountants Committee (Canada)
November 22, 201364. Chartered Accountants Ireland – Audit and Assurance Committee (Ireland)
November 22, 201365. CohnReznick LLP (United States)
November 22, 201366. Compagnie Nationale des Commissaires aux Comptes and the Conseil Superieur de I'Ordre des Experts-Comptables (France)
November 22, 201367. Contrôleur des finances de Québec (Canada)
November 22, 201368. Cristian E. Munarriz (Argentina)
November 22, 201369. Dansk Aktionæforening (Danish Shareholders Association) (Denmark)
November 22, 201370. Den norske Revisorforening (The Norwegian Institute of Public Accountants) (Norway)
November 22, 201371. EAIG – European Audit Inspection Group (Europe)
November 22, 201372. Ernst & Young Global Limited (United Kingdom)
November 22, 201373. European Court of Auditors (Europe)
November 22, 201374. FAR - Institute for the Accountancy Profession in Sweden (Sweden)
November 22, 201375. FSR - Danish Institute of Accountants (Denmark)
November 22, 201376. Federación Argentina de Consejos Profesionales de Ciencias Económicas (Argentine Federation of Professionals Councils of Economic Sciences) (Argentina)
November 22, 201377. Hunter College Graduate Class in Advanced auditing (United States)
November 22, 201378. Ibracon - Instituto dos Auditores Independentes do Brasil (Brazil)
November 22, 201379. Institute of Chartered Accountants in England and Wales (United Kingdom)
November 22, 201380. Institute of Chartered Accountants of Nigeria (Nigeria)
November 22, 201381. Instituto Mexicano de Contadores Publicos AC (Mexico)
November 22, 201382. Instituut van de Bedrijfsrevisoren - Institut des Réviseurs d'Entreprises (Belgium)
November 22, 201383. J Robert Gibson (City University of Hong Kong – First Submission) (Hong Kong (Special Administrative Region of China))
November 22, 201384. J Robert Gibson (City University of Hong Kong – Second Submission) (Hong Kong (Special Administrative Region of China))
November 22, 201385. KHT-yhdistys – Föreningen CGR ry (the Finnish Institute of Authorised Public Accountants) (Finland)
November 22, 201386. KPMG IFRG Limited (United Kingdom)
November 22, 201387. Korean Institute of Certified Public Accountants (Korea, Republic of)
November 22, 201388. Kreston International Limited (United Kingdom)
November 22, 201389. Ministerio de Economía y Competitivad (Instituto de Contabildad y Auditoria de Cuentas) (Spain)
November 22, 201390. Moore Stephens LLP (UK firm) (United Kingdom)
November 22, 201391. Nederlandse Beroepsorganisatie van Accountants (Netherlands)
November 22, 201392. Novo Nordisk A/S (Denmark)
November 22, 201393. South African Institute of Chartered Accountants (South Africa)
November 22, 201394. Standard Life Investments (United Kingdom)
November 22, 201395. United States Government Accountability Office (United States)
November 22, 201396. Chartered Institute of Public Finance & Accountancy (United Kingdom)
November 25, 201397. Eumedion (Dutch Institutional Investors) (Netherlands)
November 25, 201398. European Federation of Accountants and Auditors for SMEs (Belgium)
November 25, 201399. Group of 100 (Australia)
November 25, 2013100. IFAC Small and Medium Practices Committee (United States)
November 25, 2013101. Macquarie University (Australia)
November 25, 2013102. RSM International Limited (United Kingdom)
November 25, 2013103. Zambia Institute of Chartered Accountants - ZICA (Zambia)
November 25, 2013104. Altaf Noor Ali (Pakistan)
November 26, 2013105. Auditor General of Ontario (Canada)
November 26, 2013106. Dubai Financial Services Authority (United Arab Emirates)
November 26, 2013107. Felicitas T Irungu (Felikar and Associates) (Kenya)
November 26, 2013108. Hans Gortemaker (Erasmus University) (Netherlands)
November 26, 2013109. Individual- Clinical Lasers Limited (Canada)
November 26, 2013110. MAZARS (France)
November 26, 2013111. Swiss Holdings (Switzerland)
November 26, 2013112. Association of British Insurers (United Kingdom)
November 27, 2013113. Malaysian Institute of Accountants' Auditing and Assurance Standards Board (Malaysia)
November 27, 2013114. Canadian Public Accountability Board (Canada)
November 28, 2013115. Pitcher Partners (Australia)
November 28, 2013116. Chinese Institute of Certified Public Accountants (China)
November 29, 2013117. Institut der Wirtschaftspruefer (Germany)
November 29, 2013118. Institute of Chartered Accountant of India (India)
December 2, 2013119. Peter W. Young (Consulo Advisers) (Australia)
December 2, 2013120. European Securitites and Markets Authority (Europe)
December 3, 2013121. Investment Management Association (IMA) (United Kingdom)
December 3, 2013122. Auditor-General of New Zealand (New Zealand)
December 6, 2013123. Institute of Chartered Accountants of Zimbabwe (Zimbabwe)
December 6, 2013124. International Corporate Governance Network (United Kingdom)
December 6, 2013125. New Zealand Auditing and Assurance Standards Board (New Zealand)
December 6, 2013126. Basel Committee on Banking Supervision (Switzerland)
December 9, 2013127. Independent Regulatory Board for Auditors (South Africa)
December 9, 2013128. Institute of Chartered Accountants of Pakistan (Pakistan)
December 12, 2013129. International Forum of Independent Audit Regulators (United States)
December 12, 2013130. Institute of Singapore Chartered Accountants (Singapore)
December 13, 2013131. Jack Ciesielski (United States)
December 13, 2013132. International Organization of Securities Commissions (Spain)
December 17, 2013133. Center for Audit Quality (United States)
December 19, 2013134. Joseph Carcello (United States)
December 19, 2013135. CFA Institute (United States)
December 30, 2013136. Sobeys Inc. (Canada)
January 3, 2014137. Denise Silva Ferreira juvenal (Brazil)
January 5, 2014138. Council of Institutional Investors (United States)
January 8, 2014139. Institute of Chartered Accountants of Jamaica (Jamaica)
March 3, 2014Related Resources
- 2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- At a Glance: Exposure Draft, Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing
- Guidance to Assist in Field Testing of Proposed International Standard on Auditing (ISA) 701, Communicating Key Audit Matters in the Independent Auditor’s Report
- International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon
- Proposed International Standards on Auditing (ISAs), ISA 800 (Revised) and ISA 805 (Revised)
