The International Auditing and Assurance Standards Board^®(IAASB^®) has issued a survey in connection with its new quality control initiative as outlined in the IAASB’s Strategy for 2015-2019 and the IAASB’s Work Plan for 2015-2016.

Its purpose is to inform the scoping of the proposed quality control project, specifically with respect to issues encountered by small- and medium-sized practices in complying with the requirements of International Standard on Quality Control (ISQC) 1, Quality Control for Firms That Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and of International Standard on Auditing (ISA) 220, Quality Control for an Audit of Financial Statements.

Participants can take the survey online or download and complete the survey form.

Responses to the survey are requested by no later than March 27, 2015, to Sara Ashton, saraashton@iaasb.org.

This survey has been issued in connection with the IAASB’s new quality control initiative as outlined in the IAASB’s Strategy for 2015-2019 and the IAASB’s Work Plan for 2015-2016.

This publication, Auditor Reporting – Key Audit Matters, has been prepared by the Auditor Reporting Implementation Working Group. It is intended to assist in understanding key aspects of Key Audit Matters as set out in ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and forms part of the Auditor Reporting Toolkit.

This publication, Auditor Reporting on Going Concern, has been prepared by the Auditor Reporting Implementation Working Group. It provides an overview of how the new auditor’s report will address going concern as set out in ISA 570 (Revised), Going Concern, and forms part of the Auditor Reporting Toolkit.

The International Auditing and Assurance Standards Board^® (IAASB^®) today released proposals to enhance auditor reporting on special purpose financial statements. The Exposure Draft includes changes proposed to ISA 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

Reporting on special purpose financial statements is linked to the recently issued new and revised Auditor Reporting standards, in particular ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. As such, the IAASB has amended ISA 800 and ISA 805 to provide guidance on how the enhancements to the auditor’s report would apply in audits of special purpose financial statements. These amendments are limited to auditor reporting and are not intended to substantively change the underlying premise of these engagements in accordance with the extant ISAs.

How to Comment
The IAASB invites all stakeholders to respond to this Exposure Draft, which includes specific questions for respondents on key aspects of the proposals and highlights areas of focus for various stakeholders in responding to the Exposure Draft. To access the Exposure Draft and submit a comment, visit the IAASB’s website at www.iaasb.org. Comments on the Exposure Draft are requested by April 22, 2015.

About the International Auditing and Assurance Standards Board(IAASB)
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

About IFAC^®
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

These conforming amendments to other ISAs were created as a result of the new and revised auditor reporting ISAs. These amendments will become effective for audits of financial statements for periods ending on or after December 15, 2016.

Revisions to this ISA are as a result of new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. ISA 260 (Revised) deals with the auditor’s responsibility to communicate with those charged with governance in an audit of financial statements. ISA 260 (Revised) is effective for audits of financial statements for periods ending on or after December 15, 2016.