On 23 July 2015, the International Auditing and Assurance Standards Board (IAASB) released an Exposure Draft (ED),Proposed Amendments to the IAASB’s International Standards—Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations (NOCLAR), to propose limited amendments to the IAASB’s International Standards in response to the International Ethics Standards Board for Accountants (IESBA’s) May 2015 Re-Exposure Draft, Responding to Non-Compliance with Laws and Regulations. This International Standard on Auditing (ISA) deals with the auditor’s responsibility to consider laws and regulations in an audit of financial statements.
The focus of the ED is proposed amendments to ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements, with less extensive changes proposed to seven other standards. The amendments, which are limited in nature, do not explicitly duplicate in detail all the specific requirements in the IESBA Code of Ethics for Professional Accountants (the Code), as this allows for flexibility when ethical codes other than the Code are applied. Rather, the IAASB’s proposals seek to acknowledge the enhancements that will be made by the IESBA in the Code and clarify and emphasise key aspects of the IESBA’s proposals in the IAASB’s International Standards.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above IAASB's proposal. Your views would be considered and put forth in the comment letter to be submitted to IAASB.
ISCA requires all comments to be submitted to email@example.com by Wednesday, 2 September 2015. Please click here for the ED Proposed Amendments to the IAASB’s International Standards—Responding to Non-Compliance or Suspected Non-Compliance with Laws and Regulations.