Supporting International Standards
IFAC SMP Committee Response to IAASB Exposure Draft: Proposed International Standards on Auditing, ISA 800 (Revised) and ISA 805 (Revised)
IFAC
Apr 22, 2015 | Comment Letters
English
The IFAC SMP Committee supports the approach outlined in the IAASB Exposure Draft, Proposed International Standards on Auditing, which includes: ISA 800 (Revised), Special Consideration—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
The committee agrees with the IAASB that, in principle, enhancements resulting from the new and revised auditor reporting standards that would apply to audits of complete sets of general purpose financial statements should also apply to ISA 800 and ISA 805 engagements. It also supports the IAASB’s proposal that the communication of key audit matters be made voluntary for all entities applying proposed ISA 800 (Revised) and ISA 805 (Revised), unless required by law or regulation.
For specific comments, read the full comment letter below.
Copyright © 2022 The International Federation of Accountants (IFAC). All rights reserved.
Related Resources
- Engaging with Audit Committees to Support Accountants Addressing New Responsibilities
- Executing the Board’s Governance Responsibility for Integrated Reporting
- SMPAG Response to the IESBA's Proposed Revisions to the Code Related to the Definition of Engagement Team and Group Audits
- Statements of Membership Obligations, 1-7
- Webinar Series: Practical Audit Quality Considerations Webinar 3 – Auditor Reporting in the Pandemic Environment and Looking Ahead: Recording & Summary of Key Takeaways