This page contains information and resources for your awareness, understanding and effective implementation of the new and revised auditor reporting standards.
In January 2015, IAASB issued a set of new and revised auditor reporting standards. This change represents one of the biggest changes in auditor reporting in the last fifty years. The auditors’ reports are now expected to be more informative and insightful for investors and other stakeholders.
In Pakistan, ICAP adopted new and revised enhanced auditor reporting standards, effective for audits of financial statements for periods ending on or after December 15, 2016. With the issuance of Auditors (Reporting Obligations) Regulations 2018 by SECP, the auditor’s reports formats as per the new and revised enhanced auditor reporting standards have been specified. The auditors’ are now required to issue audit reports for the periods ending on or after June 30, 2018 in accordance with the new reporting formats.
Earlier, ICAP in consideration of the significance of the changes brought in by the new and revised auditor reporting standards arranged various awareness seminars in different cities.
ICAP has also specifically developed following sections on the new and revised auditor reporting standards:
This publication prepared by the Technical Services Department provides an overview and references to all significant changes in the auditor’s report. Further, the document discusses a series of topics related to the new auditor’s report and provides answers to 100 plus questions about, and implications of, the new auditor reporting standards, new auditor’s report and Auditors (Reporting Obligations) Regulations 2018.
This section contains compilation of illustrative KAMs, extracted by the Technical Services Department from the auditor’s reports of over xxx international entities.
An interactive question and answers area specifically developed to address your queries on the new and revised auditor reporting standards.
The new formats became applicable for the audit and review engagements for the periods ended on or after June 30, 2018. Accordingly, June 2018 – 19 was the first year of implementation of the new auditor’s report. See our publications on the First Year Implementation Experience.
- First Year Experience: Implementation of Revised Auditor’s Report in Pakistan
- Sample Key Audit Matters – First Year Implementation Experience – Volume 1
- Sample KAMs – First Year Implementation Experience – Volume 2
An online survey is designed for the preparers of financial statements and those charged with governance of the listed companies to understand the practical challenges and concerns of the stakeholders in implementation of the auditor reporting standards.