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IAASB: New guidance on auditor reporting re ISA for LCE
- 19 July 2024
- Auditing and Assurance
- South African Accounting Academy
Meant to be read with the ISA for LCE, the new guidance provides assistance for auditors about modifications to the auditor’s report when using the standard. The guidance also includes information on using emphasis of matter and other matter paragraphs, reporting on other information, and reporting on a material uncertainty related to going concern.
Additionally, the guidance features 8 illustrative auditor’s reports as appendices, including examples of adverse opinions, disclaimer of opinions, and opinions when there is a material uncertainty related to going concern.
Accessible on the IAASB website, this new Auditor Reporting Supplemental Guidance complements previously released resources, including videos and webinars, which provide a robust toolkit for navigating the ISA for LCE, adoption, and implementation. Additional resources will be published this quarter, including an adoption guide, supplemental guidance on the authority of the standard, and a first-time implementation guide.
Click here to download the 34-page Guidance document:
Relevance to Auditors, Independent Reviewers & Accountants:
- In conducting an audit in accordance with ISAs, auditors are required to comply with all the requirements that are relevant to the engagement.
- Auditors, Independent Reviewers and Accountants should also be aware of the latest publications issued by regulators and standard-setting boards, such as the IAASB.