Submission to IAASB on Auditor Reporting
- Date:16 Oct 2011
- Type:Policy Submission
is to the International Auditing and Assurance Standards Board on their consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change
We noted amongst other things that:
- The Consultation Paper proposed that elements of the audit report dealing with management and the auditors' respective responsibilities should be placed outside of the report. We stated that this the relevance and the importance in detailing the roles and responsibilities of management and the auditors may be diminished and over time have the consequence of unintentionally broadening the expectation gap.
- We expressed concern about the prospect of the auditor providing insights about the entity or the quality of its financial reporting in the audit report and we stated that the auditors observations should be reported to those charged with governance of the entity.
- We did not support the proposal that the audit should be extended to include the governance disclosures made by the company, as there is no indication that the provision of an auditor’s assurance of the corporate governance report would significantly alter the reliance placed thereon.
Download our Submission to the IAASB on Auditor Reporting (PDF 2MB).