ICAP organises seminar on 'New Auditor Reporting Model'

The Institute of Chartered Accountants of Pakistan (ICAP) organised an interactive seminar on 'New Auditor Reporting Model - A Fundamental Shift', here at ICAP House on Thursday. To enhance the value of auditors' report for stakeholders and users, International Auditing and Assurance Standards Board (IAASB) issued a revised set of international standards on auditing. This has brought some profound changes in the auditors' report.
The key features of the revision include introduction of key audit matters, going concern assessment and reporting on other information, forming part of the annual report. The revised set of standards is applicable for the audit reports on the financial statements for the period ending on or after December 15, 2016.
The introduction of Key Audit Matters for listed entities is a significant enhancement that will change not only the auditors' report, but more broadly the quality of financial reporting - and, therefore, the informative value to investors and other key stakeholders.
Zulfikar Akhtar, Chairman, Southern Regional Committee of ICAP, said: 'This session is about the fundamental shift and how it is going to add value in terms of increasing confidence in the audit reports."
Nadeem Yousuf Adil, VP, ICAP South, said: "Considering the significance of the changes in the auditor's report, the Institute of Chartered Accountants of Pakistan is conducting awareness seminars in various cities of the country. The sessions are being held to discuss practical implementation and its implications."
"The Institute believes that the enhancement in auditors' reporting is critical to the perceived value of the audit of the financial statements, which resultantly increases the confidence upon the reporting financial statements, which is in the public interest," he added.
Arsalan Khalid, member of Southern Region Committee & CPD Convenor gave a presentation on the aspects of the new audit report. The practical issues that arise on the implementation of the new audit report were presented by Feroz Rizvi, COO, and Secretary ICAP. Farrukh Rehman, Chairman, Auditing Standards Committee, ICAP, conducted the question and answer session.
President ICAP Hafiz Mohammad Yousaf said: "The session has given a lot of insight on the New Auditor Report Model and the confusion will decrease with time."
The seminar was attended by chief executive officers, chief financial officers and chairmen of audit committees of listed companies. The participants shared views on New Auditor Reporting Model and what the new auditor's report means for the corporate world.