The International Auditing and Assurance Standards Board (IAASB) recently issued an exposure draft of International Standard on Auditing (ISA) 720 (Revised) “The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon”. This proposes significant revisions to the current ISA, which is used as the basis for the FRC’s equivalent standard, ISA (UK and Ireland) 720 Section A.
The FRC would welcome comments from interested parties on the IAASB exposure draft by 15 February 2013, before it finalises its response to the IAASB. To assist interested parties understand the proposals, an analysis by the FRC staff of the main changes proposed in the exposure draft compared to the requirements of the current ISA (UK and Ireland) 720 Section A can be obtained from the FRC’s website.
Copies of the IAASB’s exposure draft can be downloaded free of charge from the IAASB’s website (www.ifac.org/publications-resources/international-standard-auditing-isa-720-revised-auditor-s-responsibilities-re
). The exposure draft includes an Explanatory Memorandum that provides further background to, and an explanation of, the proposed revision.