Technical updates March 2013
Our round-up of legal and regulatory changes.
The International Auditing and Assurance Standards Board (IAASB) has issued an exposure draft of ISA 720 (Revised) "The auditor’s responsibilities relating to other information in documents containing or accompanying audited financial statements and the auditor’s report thereon". This proposes significant revisions to the current ISA, which is used as the basis for the FRC’s equivalent standard, ISA (UK and Ireland) 720 Section A.
The Financial Reporting Council (FRC) invited comments from interested parties on the IAASB exposure draft by 15 February 2013, before finalising its response to the IAASB. FRC staff have prepared an analysis of the main changes proposed in the exposure draft compared to the requirements of the current ISA (UK and Ireland) 720 Section A.