The Auditing and Assurance Standards Committee (AASC) had commenced the revision of Audit Guidance Statement 1 (AGS 1) Sample Independent Auditor’s Reports in 2015. As the different Appendices in AGS 1 relate to different auditing and assurance standards which in turn had different effective dates, the AASC carried out revision for AGS 1 over three phases.
Phase 1 (completed) – The first phase involved the revision of Appendix 3 -Sample Independent Assurance Reports on SSAE 3000 (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information,given that the revised SSAE 3000 would be effective for assurance reports dated on or after 15 December 2015.
Phase 2 (current) – The second phase involves the revision of Appendix 1 and 4. Appendix 1 – Sample Independent Auditor’s Reports on SSA 700 (Revised) Forming an Opinion and Reporting on Financial Statements Appendix 4 – Sample Independent Auditor’s Supplementary Reports to Relevant Authorities
Amendments have been made to the sample reports arising from the new and revised auditor reporting standards and SSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information.
The relevant regulatory bodies had been consulted on the sample assurance reports and the sample assurance reports in the revised Appendix 1 and 4 would be effective for periods ending on or after 15 December 2016.