Abu Ghazaleh: ASCA- Jordan Issues the Arabic Version of the 2015 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
AMMAN - HE Dr. Talal Abu-Ghazaleh, Chairman of the Arab Society of Certified Accountants (ASCA -Jordan) announced the issuance of the Arabic version of the 2015 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements.
He pointed out that ASCA -Jordan continuously seeks to develop both accounting and management sciences as well as all related principles applicable to all or some professional services. ASCA -Jordan also exerts efforts to upgrade the competence, practice and code of ethics according to the highest professional levels through the issuance of accounting publications and following-up on the recent developments in accounting and auditing.
The most important changes of the 2015 version are the changes in the operations and audit reports issued by the International Auditing and Assurance Standards Board (IAASB).
The following standards have been amended to enhance the communicative value of the auditor’s report:
ISA 260 (Revised), Communication with Those Charged with Governance
ISA 570 (Revised), Going Concern
ISA 700 (Revised), Forming an Opinion and Reporting on the Financial Statements
ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report
ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report.
As regards the ISAs that aim at focusing auditors on disclosures throughout the financial statement audit, the changes include:
Strengthened requirements in ISAs 315,330 and 700.
Enhanced application material in these and several other ISAs to more explicitly address disclosures.
Also, International Standard on Assurance Engagements (ISAE) 3000 has been replaced with ISAE 3000 (Revised), “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”, which is effective for assurance reports dated on or after December 15, 2014. The framework of the International Standards on Assurance Engagements has been also replaced with the International Standards on Assurance Engagements as amended in the handbook supplement.