IAASB issues summary financial statement audit reporting guidance

By Ken Tysiac

The International Auditing and Assurance Standards Board (IAASB) has issued guidance on the auditor’s responsibilities related to an engagement to report on summary financial statements derived from financial statements audited by that same auditor in accordance with International Standards on Auditing (ISAs).

ISA 810 (Revised), Engagements to Report on Summary Financial Statements, contains limited amendments designed to leverage the additional transparency resulting from the IAASB’s new and revised auditor reporting standards, which were issued in January 2015.

“The issuance of ISA 810 (Revised) represents the culmination of the IAASB’s work on auditor reporting that began in 2006,” IAASB Chairman Arnold Schilder said in a news release. “… We already see positive momentum growing around the world to implement these standards.”

ISA 810 (Revised) will take effect for engagements to report on summary financial statements for periods ending on or after Dec. 15, 2016. The standard takes effect at the same time as the auditor reporting standards addressing general-purpose financial statements.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.


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