Submission to IAASB in response to ISA720

  • Date:14 Mar 2013
  • Type:Policy Submission
On 14 March 2013 the Australian Institute of Company Directors provided a submission to the International Auditing and Assurance Standards Board in response to their Exposure Draft: The Auditor's Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor's Report Thereon (ISA720).


In summary the Australian Institute of Company Directors comments are as follows:

  • We believe that the changes suggested by the Exposure Draft will significantly extend the scope of the audit.
  • There will be an increase in audit work required and this will result in an increase in audit costs which would be either borne by the auditor or the audit client without significant benefit to the user.
  • There is no clarity as to what would be included within “other information”.
  • The proposed changes to ISA720 may result in extending the audit expectation gap with users of the financial statements.

Download our submission to International Auditing and Assurance Standards Board on ISA720 (PDF 1MB).