New Reporting Standards
Why it matters to you
7 January 2016, Thursday | 9:00 a.m. - 1:30 p.m. | Deloitte, Menara LGB, Kuala Lumpur
The new and amended International Standards on Auditing (ISAs), released by the International Auditing and Assurance Standards Board (IAASB) will revolutionise the auditor’s report. The new report section communicating on Key Audit Matters is expected to be the most impactful and insightful to all stakeholders at large. This change is especially significant as the inclusion of the Key Audit Matters will be compulsory for listed entities.
The new auditor reporting standards have far-reaching implications that extend beyond the realm of audit practitioners. It is critical that directors and key management personnel of listed entities, among others, are aware of the key aspects of the standards and the changes they will bring to the financial reporting ecosystem.
This seminar will discuss the impact of such changes and how the directors and key management personnel of the listed entities can be prepared to support the implementation of the new auditor reporting standards.
This is an important development in the history of auditor's reporting. It is the time now readers are provided with high level, enhanced information about the audit. Amongst others, the new requirements should bring about:
- Enhanced communications between the auditor and investors as well as enhanced interactions between auditors, management and those charged with governance;
- Increased user confidence in audit reports and financial statements;
- Increased transparency, audit quality, and enhanced information value;
- Increased attention by management and those charged with governance (e.g., the audit committee) to the disclosures in the financial statements, particularly those disclosures to which reference is made in the auditor’s report; and
- Deeper insights and greater transparency regarding key matters discussed by the auditors with those charged with governance i.e. the Board of Directors and the Audit Committee. As these discussions are mandated by auditing standards, users of financial statements would want to be privy to them and their outcomes.
Who should attend
CEOs, CFOs, Directors, Audit Committee members, accounting and finance professionals, and any discerning individuals who wish to understand more of how the new auditor reporting standards will impact them.