Submission to the IAASB on their Exposure Draft: Proposed New and Revised International Standards on Auditing

  • Date:22 Nov 2013
  • Type:Policy submission
On 22 November 2013, the Australian Institute of Company Directors lodged a submission with the International Auditing and Assurance Standards Board in response to their Exposure Draft: Proposed New and Revised International Standards on Auditing.

Company Directors submission included amongst other  things the following key comments:

a) the Auditors’ Report should provide information on the work performed by the auditor and how the auditor gathered evidence to support the opinion expressed in the Audit Report.
b) the Key Audit Matters should focus on the “most” significant matters encountered by the auditor in performing the audit.
c) the Audit Report should be written in plain, easily understandable language that enables users of the financial statements to obtain relevant and valuable information about how the auditor obtained the evidence to support the audit opinion.
d) the going concern paragraph should only be included within an Audit Report, when the auditors are of the view that there are material uncertainties about the ability of the entity to continue as a going concern.

Download the submission (PDF 2 MB).