The Standards on Auditing in India, which now find their place in the Companies Act, 2013, are largely consistent with the international standards. The International Auditing and Assurance Standards Board (IAASB) has issued a set of new and revised reporting standards aimed at enhancing the communicative value and relevance of the auditor’s report.
These standards are effective for audits of financial statements for periods ending on or after 15 December 2016. The Institute of Chartered Accountants of India (ICAI) has made corresponding changes and issued the new and revised standards on the same lines as the IAASB. These standards are applicable for audits of financial statements for periods beginning on or after 1 April 2018.
This publication aims to provide readers - audit committee and board members, investors and all other stakeholders - a snapshot of the changes they can expect to see in the 2019 annual auditor’s report.
Key highlights of this publication are:
- Summary of key changes
- Auditor’s report format before and after the change
- Introduction of a new concept
- Impact on various stakeholders
Read full report for more insights.