Important revisions to three International Standards on Auditing (ISAs) are now open for consultation. The International Auditing and Assurance Standards Board (IAASB) is calling for responses from all those involved in producing and using financial statements, or who are otherwise involved in corporate governance – as practitioners, academics or investors.
The IAASB said the proposed changes to ISA 330, The Auditor’s Responses to Assessed Risks; ISA 500, Audit Evidence; and ISA 520, Analytical Procedures will complete an important phase of its program to modernize the ISAs. The revisions are aimed at helping auditors embrace digital innovation while preserving robust auditing standards. They also further the board’s drive to embed a principles-led, risk-based audit framework and improve audit consistency globally.
