IFAC raises questions about the claims made in the article, "The Virtues of Mandatory Audit Rotation," and focuses the debate on evidence-based measures to further enhance audit quality--and ultimately the quality of financial reporting--as well as regulatory consistency across jurisdictions.

These conforming amendments to other ISAs were created as a result of the new and revised auditor reporting ISAs. These amendments will become effective for audits of financial statements for periods ending on or after December 15, 2016.

Revisions to this ISA are as a result of new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. ISA 260 (Revised) deals with the auditor’s responsibility to communicate with those charged with governance in an audit of financial statements. ISA 260 (Revised) is effective for audits of financial statements for periods ending on or after December 15, 2016.

The revised ISA deals with the auditor’s responsibilities in an audit of financial statements relating to going concern and the implications for the auditor’s report. ISA 570 (Revised) is effective for audits of financial statements for periods ending on or after December 15, 2016.