Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

29 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 560 Subsequent Events, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main differences between this Auditing Standard and ISA 560 are:

• This Auditing Standard includes the following mandatory requirements which are included as explanatory guidance in ISA 560:

♦ when the financial report is amended, the auditor shall carry out the audit procedures necessary in the circumstances and shall provide management and those charged with governance with a new report on the amended financial report (paragraph 15);

♦ when the auditor’s report has been released to the entity, the auditor shall notify those charged with governance not to issue the financial report and the auditor’s report thereon to third parties (paragraph 18);

♦ if the financial report is subsequently released, the auditor shall take action to prevent reliance on the auditor’s report (paragraph 19);

♦ when the financial report is revised, the auditor shall carry out the audit procedures necessary in the circumstances, shall review the steps taken by management and those charged with governance to ensure that anyone in receipt of the previously issued financial report together with the auditor’s report thereon is informed of the situation, and shall issue a new report on the revised financial report (paragraph 23); and

♦ when those charge with governance do not:

○ take the necessary steps to ensure that anyone in receipt of the previously issued financial report together with the auditor’s report thereon is informed of the situation; or

○ revise the financial report in circumstances where the auditor believes it needs to be revised,

the auditor shall take action with the objective of preventing future reliance on the auditor’s report and shall notify those charged with governance of this action (paragraph 26).

• This Auditing Standard does not contain any mandatory requirements or explanatory guidance regarding the offering of securities to the public whereas ISA 560 does.

Compliance with this Auditing Standard enables compliance with ISA 560.