Karachi, March 17, 2016 (PPI-OT):The Institute of Chartered Accountants of Pakistan (ICAP) organised an interactive seminar, ‘New Auditor Reporting Model – A Fundamental Shift’ at ICAP House Karachi for listed companies’ representatives. To enhance the value of the auditor’s report for stakeholders and users, International Auditing and Assurance Standards Board (IAASB) issued a revised set of international standards on auditing relating to audit report. This has brought some profound changes in the auditor’s report.
The key features of the revision in the auditor’s report include the introduction of key audit matters, going concern assessment and reporting on other information forming part of the annual report. The revised set of standards is applicable for the audit reports on the financial statements for the period ending on or after December 15, 2016.
The introduction of Key Audit Matters for listed entities is a significant enhancement that will change not only the auditor’s report, but more broadly the quality of financial reporting – and, therefore, the informative value to investors and other key stakeholders. Zulfikar Akhtar, chairman Southern Regional Committee of ICAP said, ‘This session is about the fundamental shift and how it’s going to add value in terms of increasing confidence in the audit reports.’
Nadeem Yousuf Adil, VP ICAP South said, ‘Considering the significance of the changes in the auditor’s report, the Institute of Chartered Accountants of Pakistan has been conducting awareness seminars in various cities of Pakistan. The sessions are being held to discuss the practical implementation and its implications.’
‘The Institute believes that the enhancement in auditor’s reporting is critical to the perceived value of the audit of the financial statements which resultantly increases the confidence upon the reporting financial statements which is in the public interest,’ he added.
Arsalan Khalid, member of Southern Region Committee and CPD Convenor a presentation on aspects of the new audit report. The practical issues that arise on the implementation of the new audit report were presented by Feroz Rizvi COO and Secretary ICAP. Farrukh Rehman, chairman Auditing Standards Committee ICAP conducted the Q and A session.
President ICAP, Hafiz Mohammad Yousaf said, ‘The session has given a lot of insight on the New Auditor Report Model. The confusion will decrease with time.’ The seminar was attended by chief executive officers, chief financial officers and chairmen of audit committees of listed companies. The guests shared views on New Auditor Reporting Model and what the new auditor’s report means for the corporate world.
For more information, contact:
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton