The International Auditing and Assurance
Standards Board has proposed two new standards relating to controls at
service organisations and a third standard for the communication of deficiencies
in internal control to those in charge of governance.
The proposed international standard on auditing (ISA) 402 (revised and
redrafted), ‘audit considerations relating to an entity using a third party
service organization’ deals with the auditor’s responsibilities to obtain audit
evidence when a client uses one or more service organisations.
The proposed international standard on assurance engagements (ISAE) 3402,
‘assurance reports on controls at a third party service organization’, is
expected to bring consistency in reporting on controls at service organisations.
This standard in particular will ensure reports issued in one country are
likely to meet the requirements of the auditors in other countries.
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
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Long-serving PwC director Fiona Westwood has moved to Smith & Williamson and stepped up to partner