The Malta Institute of Accountants ("MIA") has recently submitted its comments on the IAASB Exposure Draft (ED): 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, as developed and approved by the International Auditing and Assurance Standards Board” (“the ED”) with proposed changes to the International Standard on Auditing 720 (“ISA 720”).
The ED clarifies and enhances the scope and focus of auditor efforts on “other information” – that is, information included in documents containing or accompanying the entity’s audited financial statements. In summary, the MIA acknowledges that the current ISA 720 could benefit from a revision. Nevertheless the Institute believes that the proposals as currently drafted are not sufficiently refined. Accordingly the MIA does not support most of the overall and detailed proposals in the ED.
The MIA comment letter is downloadable by Members from the ‘MIA Comment Letters’ e-library on the Institute's website which can be accessed after
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