6 July 2022
Scope amendments were proposed to:
• ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and
• ISA 260 (Revised), Communication with Those Charged with Governance.
The amendments are aimed to operationalize revisions to the IESBA code of ethics requiring that firms publicly disclose when it has applied the independence requirements for public interest entities (PIEs).
Review engagements
Consideration was given whether to revise ISRE 2400 (Engagements to Review Historical Financial Statements) to address the same disclosure requirement. It was noted, however, that there may be very limited circumstances when the practitioner is performing a review of financial statements of a public interest entity, as it is more likely to be subject to an audit. Therefore, it was proposed to not amend ISRE 2400 at this stage. Nevertheless, the IAASB is interested in stakeholders’ views about whether ISRE 2400 should be amended. You can download the exposure draft here.
How to Comment
As part of this public consultation the IAASB invites all stakeholders to comment on the Exposure Draft. Submit your comments by 30 September 2022 to Saiba@Saiba.Org.Za. SAIBA will leverage the benefit of the pooling of our members’ resources to submit comments on your behalf to the IESBA.
E-mail enquiries and questions to Technical@Saiba.Org.Za for further assistance.
