An auditor’s report gives lenders confidence that financial statements are free of material misstatement. But does the auditor’s report really tell the story of what the auditor did to gain assurance about the financial statements? Thanks to proposed changes to the auditor’s report, readers will gain a better understanding of what the auditor did and observed.
The AICPA Auditing Standards Board (ASB) has released a set of exposure drafts aimed at enhancing the relevance and usefulness of the auditor’s report.
- Proposed Statements on Auditing Standards: Auditor Reporting and Proposed Amendments―Addressing Disclosures in the Audit of Financial Statements
- Proposed Statement on Auditing Standards: The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports
- Proposed Statement on Auditing Standards: Omnibus Statement on Auditing Standards—2018