Contact: Lisa Brink, ESV (New South Wales, Australia)

Earlier this year the International Auditing and Assurance Board (IAASB) issued its new and revised suite of reporting standards. Included in the changes is a brand new standard, ISA701 – communicating Key Audit Matters in the Independent Auditor’s Report, which will become effective for new audit reports for financial periods ending on or after 15 December 2016.

Read more: International Auditing and Assurance Board (IAASB) Changes Audit Report Standards

Contact: Sherwin Brook; BrookWeiner L.L.C. (Illinois, USA)

The PCAOB has been running seminars around the country and one of the main topics of discussion was the indepence rule which prohibited the auditor of companies including broker dealers, mutual funds and hedge funds from assisting and or preparing the financial statement which are submitted to regulatory authorites.

Such entities need to either prepare their own financial statements or have an independent auditing firm do so in order for opining firm to be deemed independent.

Read more: PCAOB Expands Independence Guidelines

Contact: ESV Chartered Accountants (New South Wales, Australia)

Recently ASIC released the results of its review of responsible entities for registered managed investment schemes in the unlisted property sector. ASIC will be conducting ongoing reviews across the managed investment scheme sector, and will take action where they identify significant or systemic non-compliance in order to improve industry standards and generate broader investor confidence in the sector.

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Contact: KMJ Corbin & Company (Costa Mesa, California, USA)

The Center for Audit Quality has developed several resources to help educate investors and management about public company auditing.  If you or someone you know is considering taking their Company

Read more: In-Depth Guide to Public Company Auditing

Contact: KMJ Corbin & Company (Costa Mesa, California, USA)

The PCAOB has issued for public comment a proposed auditing standard, Related Parties. The PCAOB believes the proposed standard would improve the auditor's evaluation of a public company's identification

Read more: PCAOB Proposes Standard on Related Parties