The IAASB issued limited amendments to align its standards with the revised IESBA Code, introducing specific ethical requirements for relying on external experts in audit, assurance, and non-assurance engagements. The changes affect standards such as ISA 620, ISRE 2400, ISAE 3000, and ISRS 4400.

Last year, the IAASB revised ISA 240 to address the auditor’s responsibilities regarding fraud in financial statement audits, aiming to clarify auditor responsibilities, require a fraud-focused risk approach, specify responses to risks, enhance reporting transparency for public entities, and reinforce professional skepticism.

The amendments are in response to stakeholder focus on auditors’ roles in fraud matters and aim to boost confidence in audit work. The revisions set out clearer auditor responsibilities, require a fraud-focused risk approach, specify responses to risks, enhance reporting transparency for public entities, and reinforce professional skepticism.

The IAASB’s revisions on using external experts aim to align its standards with the revised IESBA Code, introducing specific ethical requirements for relying on external experts’ work in audit, assurance, and non-assurance engagements. The changes impact standards such as ISA 620, ISRE 2400, ISAE 3000, and ISRS 4400.

Read more at Yahoo Finance: IAASB makes targeted revisions on using external experts