25 May 2011
Circular No. 26/2011
TO ALL ACCOUNTANTS
THE INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB) SEEKS VIEW ON CONSULTATION PAPER – ENHANCING THE VALUE OF AUDITOR REPORTING: EXPLORING OPTIONS FOR CHANGE
The International Auditing and Assurance Standards Board (IAASB) has recently released a consultation paper ”Enhancing the Value of Auditor Reporting: Exploring Options for Change” to obtain views on enhancing the quality, relevance and value of auditor reporting on an international basis. Members and other interested parties are invited to participate and submit your comments on the consultation paper.
The consultation paper seeks to determine whether there are common views among users of audited financial statements and other stakeholders about the usefulness of auditor reporting. It describes issues with current financial reporting, including a perceived “information gap” identified by some stakeholders. It then sets out possible options for change and seeks input as to whether such options might be effective in enhancing auditor reporting and the communicative value of the auditor’s report.
The IAASB is also seeking information about the potential implications of changes in auditor reporting, as well as about possible implementation challenges. The paper recognises that not all of the options explored are able to be implemented by the IAASB on its own – some would require collaboration with national standard setters, regulators and/or legislators to develop or implement.
The IAASB is seeking feedback from different groups of users of audited financial statements, as well as from preparers, auditors and regulators. The IAASB believes that obtaining a better understanding about views on the issues raised in this consultation paper is an important pre-requisite to considering possible improvements in auditor reporting.
Members and interested parties are encouraged to submit their comments on the consultation paper to the Institute by 11 July, 2011. Comments should be addressed to:
Auditing and Assurance Standards Board
2, Jalan Tun Sambanthan 3
50470 Kuala Lumpur
Tel : 03 2274 5055
Fax : 03 2273 4319
Email : firstname.lastname@example.org
Website address: http://www.mia.org.my
Please be guided accordingly.
HO FOONG MOI (MS)
Executive Director On behalf of the Registrar