湖南HKICPA快讯：2014年9月IAASB's Exposure Draft大公开！
 
　　Institute comments on IAASB's Exposure Draft Proposed Changes to the International Standard on Auditing Addressing Disclosures in the Audit of Financial Statements
 
　　11 September 2014
 
　　Our Ref.: C/AASC
 
　　International Auditing and Assurance Standards Board
　　529 Fifth Avenue, 6th Floor,
　　New York
　　NY 10017
　　USA
 
　　Dear Sirs,
 
　　Exposure Draft on IAASB's Proposed Changes to the International Standard on Auditing (ISAs) Addressing Disclosures in the Audit of Financial Statements
 
　　The Hong Kong Institute of Certified Public Accountants (HKICPA) is the only statutory licensing body of accountants in Hong Kong responsible for the professional training, development and regulation of the accountancy profession. The HKICPA sets auditing and assurance standards, ethical standards and financial reporting standards in Hong Kong. We welcome the opportunity to provide our comments on the captioned IAASB Exposure Draft (ED).
 
　　We support the IAASB's continuing efforts to address disclosures in the audit of financial statements. However, we note the proposed changes in the ISAs do not reflect the depth of issues and discussion as highlighted in the 2011 Discussion Paper "Evolving Nature of Financial Reporting: Disclosure and its Audit Implications". Given the complexity of financial statements disclosures in recent years, we believe it is important for the IAASB to continue its dialogue with the International Accounting Standards Board (IASB) to align the respective standards on key issues such as the application of materiality concept and *uation of misstatements.
 
　　We appreciate the IAASB's difficulties in proposing appropriate level of changes in the ISAs to deal with the different types of disclosures. We encourage the IAASB to further develop guidance to cover key issues encountered by practitioners. Our responses to the specific questions in the ED are included in the attachment.
 
　　We trust that our comments are of assistance to the IAASB in finalising the ED. If you require any clarification on our comments, please do not hesitate to contact our Selene Ho, Associate Director at selene@hkicpa.org.hk.
 
　　Yours faithfully,
 
　　Simon Riley
　　Acting Director
　　Standard Setting Department
 
　　SH/jn
 
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