Book Publish Date
29-Oct-2017
The most important changes of the 2016-2017 version are the changes in the operations and audit reports issued by the International Auditing and Assurance Standards Board (IAASB).
(A) Add the following standards to enhance the communicative value of the auditor’s report:
• ISA 260 (Revised), Communication with Those Charged With Governance;
• ISA 570 (Revised), Going Concern;
• ISA 700 (Revised), Forming an Opinion and Reporting on the Financial Statements;
• ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report; and
• ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report.
(B) In addition, the following standards have been revised for limited amendments as a result of the new and revised standards in the Auditor Reporting project (ISA 800 (Revised), ISA 805 (Revised), ISA 810 (Revised).
(C) Changes to certain number of ISAs as a result of the Disclosures project. The changes to the ISAs addressing disclosures are effective for audits of financial statements for periods ending on or after December 15, 2016.
(D) Part I of the Handbook includes to the Consideration of Laws and Regulations in an Audit of Financial Statements in response to the new requirements addressing non-compliance with laws and regulations (NOCLAR) in the International Ethics Standards Board for Accountants Code of Ethics for Accountants. These amendments address actual or perceived inconsistencies of the scope of laws and regulations and approach to identifying and dealing with NOCLAR.