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The IAASB’s new and revised auditor reporting standards are an opportunity for audit firms to show innovation, respond to investors’ needs and demonstrate the value of audit, says Chris Cantwell

As the global business environment and its financial reporting requirements have become more complex, users of audited financial statements have been calling for more pertinent information for their decision-making –and regulators, standard-setters and auditors have responded.

The International Auditing and Assurance Standards Board (IAASB), the European Commission, the Public Company Accounting Oversight Board (in the US) and the Financial Reporting Council (FRC, in the UK) have all pursued auditor reporting initiatives, with various outcomes.

This is an extract from an article in the February 2015 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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