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IAASB: New PIE standard re-enhanced auditor reporting
- 13 October 2023
- Audit
- South African Accounting Academy
The IAASB amended ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance with the aim to bolster transparency and to provide auditors with a clear mechanism for action changes to the IESBA Code.
The Revisions to the IESBA Code now require firms to publicly disclose when a firm has applied the independence requirements for public interest entities in an audit of the financial statements of an entity.
The IAASB’s amendments provide a clear and practical framework for implementing this new requirement through appropriate communication in the auditor’s report and with those charged with governance.
Click here to download the new final pronouncements:
- Basis for Conclusions – https://ifacweb.blob.core.windows.net/publicfiles/2023-10/IAASB-Listed-Public-Interest-Entities-Basis-Conclusions.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
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Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
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Auditors, Independent Reviewers and Accountants should be aware of the latest versions of standards issued by regulators and standard-setting boards, such as the IAASB.
Relevance to Your Clients:
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None