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Asia Knight Berhad (Key Changes in Enhanced Auditor's Report (Revised…
Asia Knight Berhad
Key Changes in Enhanced Auditor's Report
For all audit
Enhance Going Concern reporting
Separate section when a material uncertainty about going concern exists
New requirement for the auditor to challenge the adequacy of going concern disclosures
Descriptions of the responsibilities of management and the auditor for going concern
Statement about auditor's independence and ethical responsibilities
Affirmative statement about the auditor's independence and fulfilment of relevant ethical responsibilities
reference to the IESBA Code of Ethics for Professional Accountants.
Opinion
required to be present first
follow by the basic of opinion section, unless law or regulation otherwise
Enhanced description of auditor's responsibilities
Nature of the work
Responsibilities and key features of the audit to provide greater transparency
Understanding of the role of the auditor
Mandatory for listed entities, voluntary for others
Name of engagement partner
Key audit matters
Revised version
ISA 570 (Revised) Going concern
ISA 260 (Revised) Communication with Those Charged with Governance
ISA 700 (Revised) Forming an opinion and reporting on financial statement
ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
ISA 705 (Revised) Modification to the opinion in the Independent auditor’s report
ISA 706 (Revised) Emphasis of Matter paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
Type of audit opinion
Annual report 2016