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New Audit Standards embraced by ACCA

Posted by | January 20, 2015 | Big 4 Accounting firms, FTSE 100 companies, Internal Audit, Latest Audit Information & News, Risk Audit, Sarbanes-Oxley

Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have recently learned the ACCA (Association of Chartered Certified Accountants) welcomes and approves the IAASB’s (International Auditing and Assurance Standards Board new revisions to International Auditing Standards (ISAs)

The pursued aim of the revisions to ISAs is to ensure fundamental and relevant audit matters are explained and communicated to the end user clearly and accurately.

Enhancing both transparency around the audit and innovation in audit reporting, ACCA sees this improvement in auditor’s reports as crucial to the future value of audits.

Furthermore, ACCA believes the revisions are just in time as the value of audit continues to be challenged.

Recently, Robert Stenhouse Chair of ACCA’s Global Forum for Audit and Assurance, declared: “ACCA believes audit has a very important place in society. It provides public value through increasing confidence in financial reporting. For global capital markets this facilitates the efficient allocation and use of capital. The benefits of audit are also strongly felt in the public and not for profit sectors. The new standards are consistent and clear, and above all relevant across a very wide user base”

He also added: “ACCA sees this improvement in auditor’s reports as crucial to the future value of audits”

Robert Stenhouse considers ACCA has taken a keen and proactive interest in the developments of these new auditor reporting standards. However, he warned and concluded:  “Our work does not stop here. We will continue to champion their effective implementation and encourage our members to be bold in their use of the new standards to put on display the fantastic work they do”

 

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