New and Revised Auditor Reporting Standards: Enhancing Communicative Value
With the recent issuance of the new and revised auditor reporting standards in Singapore on 30 July 2015, future auditor’s reports will be more transparent and contain much more information than the traditional “pass/fail” audit opinion in the current auditor’s reports. Initiated by the International Auditing and Assurance Standards Board (IAASB), this paradigm shift will significantly improve auditor communication and impact all stakeholders, not just the auditors. Other than the audit community, key non-auditor stakeholder groups such as directors, investors, preparers of financial statements (Chief Financial Officers, Financial Controllers, Finance Managers, etc) would do well to know the latest developments and prepare for the changes early.
The intended audiences of these materials are audit professionals and professional accountants in business interested in finding out about the changes to auditor reporting.