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New and Revised Auditor Reporting

Technical Resources

This webpage contains pronouncements, guides and articles that are relevant to the New and Revised Auditor Reporting.

Effective Date

Financial periods ending on or after 15 December 2016.

Affected standards

HKSA 700 (Revised), HKSA 701 (New), HKSA 570 (Revised), HKSA 705 (Revised),
HKSA 706 (Revised), HKSA 260 (Revised), conforming amendments to several
other HKSAs and HKSA 720 (Revised).

Why change the auditor's report

The auditor’s report is the key deliverable communicating the results of the audit process. Investors and other financial statement users have asked for a more informative auditor’s report—in particular for auditors to provide more relevant information to users.

Research, public consultations, and stakeholder outreach, including global roundtables, indicate that enhanced auditor reporting is critical to influencing the perceived value of the financial statement audit.

Click below for more information



	New and revised HKSAs
	Additional references issued by Standard Setters and Regulators
	Useful references issued by other organisations
	Aplus articles

Focus:



Additional references issued by Standard Setters and Regulators
	HKICPA Standard Setting Department
	First year review of revised auditor's reports
	AASC Clarity Centre
	- Frequently asked questions (FAQ) on The New Auditor's Report
	Techwatch Issue 161 (March 2016) e-Seminar on revised auditor's report Aplus articles Illustrative auditor's report on financial statements of a listed Exchange Traded Fund / Real Estate Investment Trust
	IAASB
	IAASB New Auditor's Report
	Hong Kong Stock Exchange
	Financial Statements Review Report 2014: New Audit Report Standards Updated FAQs (see FAQs 001-2017 to 004-2017)
	UK Financial Reporting Council
	FRC finds good take-up of new auditor reporting requirements


Useful references issued by other organisations
	The Chamber of Hong Kong Listed Companies
	Momentum: Making audit more communicative (Winter 2015/16)
	Eumedion Corporate Governance Forum
	The Eumedion knowledge network webpage
	ICAEW
	Audit and Beyond: Impact assessment (April 2015) Audit and Beyond: Under the skin (June 2015)
	South African Institute of Chartered Accountants
	Accountancy SA: Analysis - Focus On Key Audit Matters
	The Royal Netherlands Institute of Chartered Accountants (NBA)
	New auditor’s report for public interest entities