The main changes in the International Auditing Standards, were not superficial since reforms designed to significantly improve audit reports for investors and other users of the financial statements (banks, shareholders, customers, suppliers, the government sector, etc.) are included. The rules concerning to the report or CPA opinion. (International Auditing Standards, sections 700 and 800), adding a new ISA 701 with key or relevant audit issues (“Key Audit Matters -KAM).
As we know, the opinion is the final product of the audit that is presented in the conclusion phase of the audit, which is read and analyzed by all users of the financial information that will make decisions of the report. In order to incorporate the changes in the sections of an opinion formation or report (sections 700 and 800 of the International Auditing Standards) it was necessary to review all the support of these International Auditing Standards, making changes ranging, from the planning phase, through the development and conclusions of audit work of financial statements.
Audit changes related to the planning and risk assessment phase:
ISA 200 and 330
Global objectives of the independent auditor and performance of the audit in accordance with ISAs.
Se agrega el que una “una divulgación explicativa o descriptiva de la información que se requiere según lo permita el marco de referencia aplicable, en la portada de los estados financieros, en notas o incorporado en referencias cruzadas (Ver nuevo párrafo A, 12 Bb de NIA 330).
The auditor’s responsibility in auditing financial statements relating to fraud.
An “international fraud” opinion is added through: omission, or losing disclosures required, disclosures necessary to achieve a reasonable presentation by application of reference framework.