The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has issued new and revised auditor reporting standards on Auditing (SAs) which are applicable for audits of financial statements for periods beginning on or after 1 April 2018. The main objective behind this was to make the audit reports more informative and enhance transparency in audit reporting.
This publication delves into the transformed auditor’s report and takes a closer look at what has changed. It includes experiences of companies from around the world, particularly around the concept of reporting KAMs. It also addresses some common questions that audit committees and Boards may have on the new auditor’s report.