The International Auditing and Assurance Standards Board has released ISA 810 (Revised), Engagements to Report on Summary Financial Statements.
The standard deals with the auditor’s responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with International Standards on Auditing, or ISAs, by that same auditor.
The limited amendments to ISA 810 (Revised) leverage the additional transparency in the auditor’s report on the audited financial statements resulting from the IAASB’s new and revised Auditor Reporting standards issued in January 2015, particularly ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements, and new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.
“The issuance of ISA 810 (Revised) represents the culmination of the IAASB’s work on auditor reporting that began in 2006,” said IAASB chairman Arnold Schilder in a statement. “Feedback from our stakeholders has helped us finalize our proposals to meet the public interest calls from investors and others to enhance auditor reporting. We already see positive momentum growing around the world to implement these standards.”
ISA 810 (Revised) will become effective at the same time as the auditor reporting standards addressing general purpose financial statements—for engagements to report on summary financial statements for periods ending on or after Dec. 15, 2016.
“Through our Auditor Reporting Implementation Working Group, the IAASB and its staff remain committed to promoting awareness of our new and revised auditor reporting standards and facilitating their effective implementation,” said IAASB technical director Kathleen Healy. “For example, the IAASB has recently published an article on our dedicated auditor reporting page that explores common questions asked by audit committee members and finance executives about the new and enhanced auditor’s reports.”
The IAASB operates under the auspices of the International Federation of Accountants. For more information, visit www.iaasb.org/auditor-reporting.
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