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I roundup I technical AUDITING IAASB STAFF ISSUES q&As TO GUIDE AUDITORS’ EFFECTIVE IMPLEMENTATION OF CLARIFIED ISAs; AND ADDRESSES SME ISSUES to as management commentary. The management commentary contextualises To assist auditors worldwide in implementing the clarified International Standards on the financial position, financial performance Auditing (ISAs), the staff of the International Auditing and Assurance Standards Board and cash flows of an entity, and provides (IAASB) has developed a new question and answer publication entitled Applying ISAs users of financial statements with the Proportionately with the Size and Complexity of an Entity. The publication is relevant in the opportunity to understand management’s context of any audit, but will be of particular help to those that audit, or oversee the audits objectives and its strategies for achieving of, small- and medium-sized entities (SMEs). those objectives. This exposure draft has been issued in South Africa as ED 264. “SMEs are an important sector of national economies and one that is sensitive to significant The guidance requires that an entity clearly changes in standards,” emphasises James Gunn, identifies and distinguishes information IAASB Technical Director. “This staff publication disclosed as a management commentary highlights provisions within the ISAs that guide in its financial statements. Further, this auditors in applying the requirements to audits of guidance can only be applied to financial SMEs in an efficient and effective manner.” statements that have been prepared in accordance with IFRSs and will be The questions and answers explain how the issued as a non-mandatory guidance. The design of ISAs enables them to be applied in disclosures made should be governed a manner that is proportionate to the specific characteristics of the entity subject to audit. by the qualitative characteristics and Furthermore, answers are given to questions enhancing qualitative characteristics relating to audit procedures, work effort, of relevance, faithful presentation, documentation and professional judgment. comparability, verifiability, timeliness and understandability. Many of those with responsibility for financial statement audits are progressing their The deadline for comment to SAICA is consideration of implementation issues of the clarified ISAs. The publication is available for 1 February 2010. ED 264 -Management 14 Commentary can be downloaded from the download free of charge from the IFAC website (http://web.ifac.org/clarity-center/support- and-guidance). SAICA website. FURTHER SIMPLIFICATIONS TO
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