More audit reporting changes
No sooner does a change in the format of the auditor’s report get issued by the Auditing Practices Board (APB), it changes again and this trait is still continuing as the auditor’s report on financial statements for periods ending on or after 23 March 2011 will be subject to more changes.
This brief article will outline the changes to the auditor’s reports from then.
The APB issued a revised version of ISA 700 (UK and Ireland) The Auditor’s Report on Financial Statements on 15 February following the publication of a consultation paper in September 2010. In addition, Bulletin 2010/2 has also been updated to take account of the changes. The revised ISA includes additional text in the short form description of the scope of an audit (ISA 700 paragraph 16c), which is the brief description included in the auditor’s report, as opposed to the one which is maintained for the user’s reference on the Auditing Practices Board’s website.
The following is the text taken directly from ISA 700 at paragraph 16c with the changes reflected in bold text: