STANDARDS c o n t .
Auditing: Addressing Disclosures in the Audit of Financial
Statements
in July 2015, effective for audits of financial
statements for periods ending on or after 15 December 2016.
The revised ISAs and related conforming amendments aim at
focusing auditors on disclosures throughout the financial
statement audit. The changes include strengthened
requirements in ISA 315 (Revised),
Identifying and Assessing
the Risks of Material Misstatement through Understanding the
Entity and Its Environment
; ISA330,
The Auditor's Responses
to Assessed Risks
; and ISA 700 (Revised),
Forming an
Opinion and Reporting on Financial Statements
. To explicitly
address disclosures, these changes also include enhanced
applicationmaterial in other ISAs.
The IRBA Board is due to meet in November 2015 when it will
consider whether to adopt and prescribe these changes to the
ISAs for use by registered auditors in SouthAfrica.
The revised international standards and related conforming
amendments are available on the IAASB website
Proposed ISA 810 (Revised),
Engagements to Report on
Summary Financial Statements
The IAASB published the proposed ISA 810 (Revised),
Engagements to Report on Summary Financial Statements
,
on 3 August 2015 for exposure for public comment by 2
November 2015. Proposed ISA 810 (Revised) deals with the
auditor's responsibilities relating to an engagement to report
on summary financial statements derived from financial
statements audited in accordance with ISAs by that same
auditor. The IAASB is proposing limited conforming
amendments to ISA 810 as a result of the issuance of its new
and revised Auditor Reporting Standards, which address
auditor reporting on general purpose financial statements.
A CFAS task group will prepare a comment letter. The
exposure draft is available on the IAASB website
comments may be submitted on the website or to the IRBA by
23 October 2015.
Responding to Non-Compliance or Suspected Non-
Compliance with Laws and Regulations: Proposed
Amendments to the IAASB's International Standards
The IAASB published the exposure draft,
Proposed
Amendments to the IAASB's International Standards –
Responding to Non-Compliance or Suspected Non-
Compliance with Laws and Regulations
, on 23 July 2015 for
public comment by 21 October 2015. The amendments are in
response to the International Ethics Standards Board for
Accountants’ (IESBA) May 2015 re-exposure draft,
Responding to Non-Compliance with Laws and Regulations
(NOCLAR).
A CFAS task group will prepare a comment letter. The
exposure draft is available on the IAASB website
StaffAudit PracticeAlert
The IAASB published a Staff Audit Practice Alert,
Responsibilities of the Engagement Partner in Circumstances
When the Engagement Partner Is Not Located Where the
Majority of the Audit Work is Performed
, on 14 August 2015.
The alert is the IAASB's initial response to concerns raised
about situations when engagement partners are not located
where the majority of the audit work is performed, including
concerns raised by certain regulators and audit oversight
bodies. It serves to remind auditors of the responsibilities of
the engagement partner described in the ISAs. However, it is
not an authoritative pronouncement.
The a l er t i s ava i l ab l e on t he IAASB webs i t e
7
Issue 31 July - September 2015
