The Financial Reporting Council has published a consultation paper in which it sets out proposed revisions to the content of the auditor's report on financial statements in respect of those entities required to comply or explain with the UK Corporate Governance Code. The revisions are to be made to International Standards on Auditing (UK and Ireland) 700: The Auditor's report on Financial Statements and include, amongst other things, the addition of a description of the assessed risks of material misstatement that were identified by the auditor and which had the greatest effect on: overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.
Tuesday, 5 February 2013
UK: FRC consults on revisions to the content of the auditor's report on financial statements
The Financial Reporting Council has published a consultation paper in which it sets out proposed revisions to the content of the auditor's report on financial statements in respect of those entities required to comply or explain with the UK Corporate Governance Code. The revisions are to be made to International Standards on Auditing (UK and Ireland) 700: The Auditor's report on Financial Statements and include, amongst other things, the addition of a description of the assessed risks of material misstatement that were identified by the auditor and which had the greatest effect on: overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.
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