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Posted on May 8th, 2012
The International Auditing and Assurance Standards Board (IAASB) has released its 2011 Annual Report, Foundations for the Future. The annual report highlights the IAASB’s work in the public interest to strengthen audits globally and build robust standards for audit, assurance and related services, and its commitment to enhance the communicative value and [...] Posted on April 23rd, 2012
This International Standard on Auditing (ISA) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity’s internal control. This ISA is effective for audits of financial statements for periods ending on or after December 15, [...] Posted on March 26th, 2012
The revised ISA 610, Using the Work of Internal Auditors, deals with the external auditor’s responsibilities if using the work of an internal audit function in obtaining audit evidence. Related changes have also been made to ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its [...] Posted on March 26th, 2012
This Basis for Conclusions has been prepared by staff of the International Auditing and Assurance Standards Board (IAASB). It relates to, but does not form part of, ISA 610 (Revised), Using the Work of Internal Auditors, and ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and [...] Posted on March 25th, 2012
Overall, the Working Group feels that the Exposure Draft “Revenue from Contracts with Customers” represents a significant improvement over the June 2010 exposure draft and is responsive to the IAASB’s comments thereon. However, the core principles underlying the revenue recognition model would require preparers to make a number of important, and sometimes complex, judgments [...] 5 pages
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