Auditors' Report and Responsibilities

Guidance documents effective for audits of financial statements for periods beginning before June 15, 2019 and beginning on or after June 15, 2019

INSTITUTE OF CHARTERED ACCOUNTANTS OF BARBADOS

GUIDANCE DOCUMENT 2020 UPDATE TO AUDIT REPORT INDEX

The guidance documents below are effective for audits of financial statements for periods beginning on or after June 15, 2019.

Reference No.

Document Title

Description

01/2020

Illustrations of Auditor's Report

This document provides guidance on the format and content of an unmodified opinion for a listed and other than listed entity (Appendix A and Appendix B respectively).

02/2020

Description of the auditors' responsibilities for the audit of the financial statements 

This guidance document provides a description of the auditors’ responsibilities for the audit of the financial statements required by paragraphs 38–39 of ISA 700 (Revised). Auditors are permitted to make reference to ICAB’s website in their reports for the description of the auditors’ responsibilities as allowed by paragraph 40 (c) of ISA 700 (Revised).

05/2016

Limitations Clauses in the Auditors Report Placement of Disclaimer Language

This guidance document sets out ICAB’s recommendation for the placement of the disclaimer language in the Auditors’ Report. This remains unchanged from guidance previously issued in 2016


The new IESBA Code of Ethics became effective 15 June 2019 and was renamed “The International Code of Ethics for Professional Accountants (including International Independence Standards)”. The following changes, applicable for periods commencing on or after 15 June 2019, have been made to the auditor’s report as a result of the forgoing and other changes to the Code

i.  Amendments to the Independence section in order reflect the name change:

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the [consolidated] Financial Statements section of our report. We are independent of the [Company/Group] in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

ii.  Amendments to the Auditor’s Responsibilities for the Audit of the [Consolidated Financial Statements] section for listed entities only. The revised IESBA Code has required a further change when describing communications with Those Charged With Governance relating to independence:

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards actions taken to eliminate threats or safeguards applied.

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