| 01 Jun 2011 | Circular MF14/2011 |
TO ALL MEMBER FIRMS
PROPOSED REVISED INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS 3000 - ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OF REVIEWS OF HISTORICAL FINANCIAL INFORMATION
The Institute is pleased to inform members that the Council has approved the release of the exposure draft on revised International Standard on Assurance Engagements (ISAE) 3000 “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” for distribution to members, regulatory bodies and other interested parties for comment.
The exposure draft is drawn primarily from the pronouncement issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants.
Proposed ISAE 3000 is a principles-based standard that can be applied effectively to a broad range of assurance engagements. Such engagements may range from assurance on statements about the effectiveness of internal control, for example, to direct engagements such as performance or “value for money” audits, to possible future engagements addressing integrated reporting or corporate social responsibility reporting.
Proposed ISAE 3000 covers both reasonable and limited assurance engagements. Among other proposals, the ISAE introduces guidance designed to help readers better understand these two levels of assurance. It also includes guidance addressing direct engagements that have become common in the public sector and have been undertaken increasingly in the private sector.
Proposed ISAE 3000 also includes material from the existing International Framework for Assurance Engagements that is necessary for the ISAE to be understood without reference to the Framework. Accompanying the exposure of the proposed ISAE are also proposed consequential amendments to the Framework reflecting the impact of the proposals in ISAE 3000.
| Deadline for comment | ||
| ED ISAE 3000/2011 | ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information Click HERE to download the ED ISAE 3000/2011. | 1 July 2011 |
Comments may refer to any specific principles, paragraphs or group of paragraphs and suggestion for alternative solution or wording with supporting reasons. These comments will be collated and, where appropriate, incorporated into the proposed standard before being issued in the form of an Approved Standard on Assurance Engagements.
Comments should be submitted in writing by the deadline and addressed to:
The Secretariat
Auditing and Assurance Standards Board
Dewan Akauntan
2, Jalan Tun Sambanthan 3
Brickfields
50470 Kuala Lumpur
Tel : 03 2274 5055
Fax : 03 2273 4319
Email : technical@mia.org.my
Website address: http://www.mia.org.my
Please be guided accordingly.
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