Small and Medium Practices (SMP) Committee Response to the Exposure Draft: Proposed International Standard on Auditing (ISA) 810 (Revised) — Engagements to Report on Summary Financial Statements

The IFAC SMP Committee is pleased to respond to the IAASB Exposure Draft: Proposed International Standard on Auditing (ISA) 810 (Revised) —Engagements to Report on Summary Financial Statements. In our comment letter in response to the IAASB Exposure Draft of proposed changes to ISA 800 and ISA 805, we agreed that it would be a sensible approach to also propose changes to ISA 810, Engagements to Report on Summary Financial Statements. We support the IAASB’s view that it is not necessary to substantively change the premise of an ISA 810 engagement, but rather to make limited and conforming changes to take into account the enhancements resulting from the new and revised Auditor Reporting standards.

Overall, we agree with the manner in which paragraph 17 has been changed to address reference to additional information that may be included in the auditor’s report on the audited financial statements, as well as the additional guidance proposed in paragraph A15 and Illustration 1 of the Appendix to proposed ISA 810 (Revised).

For specific comments, read the full comment letter below.