IAASB announces Global Survey into Auditor Reporting

The International Auditing and Assurance Standard Board (IAASB) announced it would conduct a survey on the implementation of the Auditor Reporting Standards issued in 2015.

This global request for input to the Post-Implementation Review (PIR), include feedback from investors and other users of financial statements, auditors and audit firms, preparers of financial statements, those charged with governance, national standard setters, professional accountancy organisations, and regulators and audit oversight bodies. Stakeholders are invited to complete the survey, which will close on October 23, 2020.

The feedback provided will assist the IAASB Board to determine what possible further actions, if any, may need to be undertaken. 

Tom Seidenstein, Chair of the IAASB, said that the auditor’s report is the critical deliverable addressing the output of the audit process.

“Investors and other users of financial statements have called for auditors to provide more relevant information in the auditor’s report based on the audit that was performed. 

“The 2015 revision of the Auditor Reporting Standards was an important step aimed at improving the value of the financial statement audit and the continued relevance of the auditing profession. The IAASB is now seeking comment on whether the revised standards are achieving this goal,” Mr Seidenstein said. 

The Auditor Reporting Standards are aimed at enhancing the communicative value and relevance of the auditor’s report. The standards are effective for audits of financial statements for periods ending on or after December 15, 2016. 

The Auditor Reporting PIR link will direct you to the IAASB webpage for further information on the Auditor Reporting PIR, including the online survey.