The new and revised auditing standards are effective for periods ending on or after 15 December 2016 which means that all audit reports for 31 December 2016 year ends will include the new format audit report.
In summary the key changes are:
To learn more about navigating your auditor reporting journey, read our interactive global publication where we outline how the changes to auditor reporting can improve the information provided to you as part of your audit. In whatever enterprise you operate - from start-up to multi-national corporation – or whether you fulfil the role of ‘management’ or ‘those charged with governance’, auditor reporting changes will affect the style, format and content of the auditor’s report provided to you.
We have also seen a number of early adopters of the new standards in both Australia and New Zealand.
For more information on the new format audit reports or to find out how it will impact your report, please contact your engagement partner.