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23 Oct. 2015

AUASB invites comments on Exposure Draft 03/15 – addressing financial statement disclosures in the audit of financial statements

The Australian Auditing and Assurance Standards Board (AUASB) today issue a proposal to revise existing auditing standards: Australian Auditing Standard ASA 2015-3 Amendments to Australian Auditing Standards. This proposed Amending Standard makes changes to various Auditing Standards aimed at enhancing the auditor’s consideration of disclosures in the audit of the financial statements.

The proposed revisions align to recent changes made by the International Auditing and Assurance Standards Board (IAASB) to its equivalent International Standards on Auditing.  

The revisions, to various Auditing Standards, are mainly to application and explanatory guidance, and seek to focus the auditor’s attention more explicitly on financial statement disclosures throughout the audit process.  The implementation of the revisions is not expected to represent a significant change in current audit practices.

The changes arising from ASA 2015-3 will be effective for audits of financial statements for periods ending on or after 15 December 2016.

Comment letters are to be lodged with the AUASB via the “Submit comments to AUASB” button.  A PDF and Word document must be lodged, only PDF document will subsequently appear on this website, unless comments are marked as confidential. AUASB requires a Word document for internal use only.

Please forward any comments by no later than 23 November 2015.