Following on from the International Auditing and Assurance Standards Board’s (IAASB) new requirements for auditors’ reports issued in early 2015, the Auditing and Assurance Standards Board (AUASB) have now released equivalent requirements in Australia.
These new requirements are intended to enhance the transparency and information value of auditors’ reports, representing a significant move away from the so called “boilerplate” wording in existing auditors’ reports.
From reporting periods ending on or after 15 December 2016, auditors of listed companies will need to report Key Audit Matters for the first time and auditors of all companies will need to make significant changes to their auditor's report.
Access online FastClasses on enhanced auditor reporting
A recent live chat saw expert panellists from the AUASB address questions about the impact on auditors of the new enhanced auditor reporting requirements. The transcript can be viewed below in the embedded window or downloaded as a PDF.
The experts answering questions were:
- Richard Mifsud, Executive Director, AUASB
- Howard Pratt, Senior Technical Manager, AUASB
The Chairman and Deputy Chairman of the IAASB and Chairman of the AUASB recorded a podcast with CPA Australia to explain the impact of these changes. The AUASB is responsible for issuing the new requirements in Australia.