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Participants representing various jurisdictions and network sizes lent a variety of perspectives to the lively debate on the ITC proposals. “The symposium gave us the opportunity to collectively gain a deeper understanding of the proposals and consider the practical implications for implementation and related consequences for audit quality. The interactions raised awareness while also providing a unique opportunity for direct practitioner interaction with the IAASB on a topic that runs to the core of the auditing profession”, said David Maxwell, chair of the Transnational Auditors Committee.
Each panel discussion commenced with an overview of the existing landscape, overall summary of the relevant ITC proposals, and early indicative feedback collected by the IAASB to date. The first of two panels, 'Auditor Commentary—Moving Beyond Boilerplate', then explored the proposal to add a section to the standard auditor’s report on auditor commentary. The second panel, 'Going Concern and Other Information—Making Auditors’ Implicit Messages Explicit', focused on the call from investors to provide more information about the auditor’s responsibilities. The symposium concluded with an opportunity for participants to give their reactions to the remainder of the ITC’s proposals and the likelihood they will achieve the goal of making financial statement users understand more about the audit.
"The auditor’s report is a critical outcome from the audit, playing an important role in public confidence in audited financial statements. The Forum of Firms welcomes open discussion and debate that will contribute to enhanced audit quality”, said Robert Dohrer, chair, Forum of Firms. “It is essential that all audit firms be engaged in the global debate on audit quality so that we can consider how we, as practitioners, can better contribute to its advancement.”