IAASB completes amendments to auditing standards focused on disclosures

IAASB completes amendments to auditing standards focused on disclosures 

International Auditing and Assurance Standards Board (IAASB) has issued revised international auditing standards designed to sharpen auditors’ focus on disclosures and to drive consistency in the application of the standards.

The IAASB released the revisions, called the International Standards on Auditing, Addressing Disclosures in the Audit of Financial Statements, on Wednesday.

The standards have an accompanying publication that describes financial reporting disclosure trends and possible implications from an audit perspective. The publication is “intended to help the consistent, effective, and proper application of the ISAs when addressing disclosures as part of an audit of financial statements, and may be particularly relevant to small and medium practices implementing the changes to the ISAs,” according to a news release.

 

 

Ajit S. Chawla, CPA, CA, CGMA

Partner

Affluent Financial Services LLC

Certified Public Accountants

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