Audit and assurance alert: New and revised auditor reporting standards
Learn about the changes in the new and revised auditor reporting suite of standards.
This alert is being issued to raise awareness of certain requirements pertaining to the new and revised auditor reporting standards and related conforming amendments effective for audits of financial statements for periods ending on or after December 15, 2018. The new report provides:
- reporting of going concern matters
- entity-specific reporting of other information
- key audit matters for certain entities
The report also provides enhanced transparency by clarifying the scope of the auditor's work as well as the roles and responsibilities of the auditor, management and those charged with governance.
Topics include:
- expected benefits of the changes to the auditor's report
- significant changes to the auditor's report
- new reporting requirements
- an illustration of the new independent auditor's report
- highlights of changes to auditor performance requirements