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Revisions to the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) require a firm to publicly disclose when it has applied the independence requirements for public interest entities (PIEs).
The amendments to the Auditing and Assurance Pronouncements include updated illustrations to provide illustrative wording in the auditor’s report for public interest entities to promote the consistent application of the revised disclosure requirements under the ACRA Code.
The updated pronouncements include[1]:
- SSA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report;
- SSA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
- SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information;
- SSA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks; and
- SSA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
- AGS 1, Sample Independent Auditor’s Reports
- AGS 10, Joint Audits
The amendments would be effective for audits of financial statements for periods beginning on or after 15 December 2024.
Click here for the amendments to the pronouncements.
[1] The amendments to SSA 260 (Revised) Communication with Those Charged with Governance and SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements had been issued in December 2024 [Link].