Audit: Exposure Draft

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durhamInternational Auditing and Assurance Standards Board

Exposure Draft
December 2007 Comments are requested by April 30, 2008

Proposed International Standard on Auditing

ISA 265, Communicating Deficiencies in Internal Control and Related Conforming Amendments to Other ISAs

REQUEST FOR COMMENTS The International Auditing and Assurance Standards Board (IAASB), an independent standardsetting body within the International Federation of Accountants (IFAC), approved the exposure draft, proposed International Standard on Auditing (ISA) 265, “Communicating Deficiencies in Internal Control” for publication in December 2007. This proposed ISA may be modified in light of comments received before being issued in final form. Please submit your comments, preferably by email, so that they will be received by April 30, 2008. All comments will be considered a matter of public record. Comments should be addressed to: International Auditing and Assurance Standards Board International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA Comments should be emailed to Edcomments@ifac.org. They may also be faxed to +1-212-2869570 or mailed to the above address. Copies of the exposure draft may be downloaded free-of-charge from the IFAC website at http://www.ifac.org.

Copyright © December 2007 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work to achieve maximum exposure and feedback provided that each copy bears the following credit line: “Copyright © December 2007 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Permission is granted to make copies of this work to achieve maximum exposure and feedback.”

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CONTENTS Page Explanatory Memorandum .................................................................................................... Introduction ...................................................................................................................... Background ...................................................................................................................... Significant Matters ........................................................................................................... Effective Date .................................................................................................................. Guide for Respondents ..................................................................................................... Exposure Draft Proposed International Standard on Auditing (ISA) 265, “Communicating Deficiencies in Internal Control” ........................................................ Proposed Conforming Amendments ISA 240 (Redrafted), “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements” ...................................................................................................... ISA 260 (Revised and Redrafted), “Communicating with Those Charged with Governance” .................................................................................................................... ISA 300 (Redrafted), “Planning the Audit of Financial Statements” .............................. ISA 315 (Redrafted), “Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment” ............................................... ISA 330 (Redrafted), “The Auditor’s Responses to Assessed Risks” ............................. ISA 600 (Revised and Redrafted), “Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors”.............................................. 18 19 20 20 22 23 10 4 4 4 5 8 8

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EXPLANATORY MEMORANDUM

Introduction
This memorandum provides background to, and an explanation of, proposed International Standard on Auditing (ISA) 265, “Communicating Deficiencies in...
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