ISCA-NUS Enhanced Independent Auditor’s Report Survey

The global financial crisis and the European Commission (EC) proposals on audit reform call for auditors’ reports to be more informative and transparent. In response, the International Auditing and Assurance Standards Board (IAASB) is working towards an enhanced independent auditor’s report possibly by end 2014, and effective for financial years beginning on or after 15 December 2015. Among other changes, the proposed enhanced independent auditor’s report (PEIAR) will include a new section on Key Audit Matters (KAMs) and whether a material uncertainty about going concern has been identified. We surveyed members of the Institute of Singapore Chartered Accountants (ISCA) in February to March 2014 on the PEIAR and obtained 120 responses.
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