SA 260: Communication with those Charged with Governance : This Standard deals with the auditor’s responsibility to communicate with those charged with governance in Auditor should communicate about Overall scope of audit; selection of/ changes in significant accounting policies; potential effect on financial statements of any significant risks and exposures, such as pending litigation; adjustments to financial statements arising out of audit that have a significant effect on entity’s financial statements; material uncertainties related to events and conditions that may cast
significant doubt on entity’s ability to continue as a going concern, disagreements with management about matters that could be significant to entity’s financial statements or auditor’s report; expected modifications to auditor’s report. Auditors should communicate matters of governance interest on timely basis. Auditor’s communication may be made orally or in writing. In case of oral communication, auditor should document their oral communications and response thereof
relation to an audit of financial statements. It also describes the requirements regarding communication with
those charged with governance and regarding matter to be communicated and documentation required. This
standard also spells out the
distinction between the Management and Those Charged with Governance
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IAASB
Jan 15, 2015 | Handbooks, Standards, and Pronouncements
ISBN 978-1-60815-202-5
English
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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.
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