KPMG in Bahrain raises awareness | KPMG | BH

KPMG in Bahrain raises awareness of the new International Standard on Auditing

KPMG in Bahrain raises awareness

KPMG in Bahrain has recently conducted an informative session on enhancing audit reporting and the requirements of the revised International Standard on Auditing (ISA) 700: Forming an opinion and Reporting on Financial Statements to 25 delegates from the Ministry of Industry, Commerce and Tourism. The purpose of the session was to provide information on the changes in the ISA 700, which is aimed at giving users of the financial statements more insight into the audit and improving transparency.

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KPMG in Bahrain has recently conducted an informative session on enhancing audit reporting and the requirements of the revised International Standard on Auditing (ISA) 700: Forming an opinion and Reporting on Financial Statements to 25 delegates from the Ministry of Industry, Commerce and Tourism.

The purpose of the session was to provide information on the changes in the ISA 700, which is aimed at giving users of the financial statements more insight into the audit and improving transparency.  

The revised ISA 700 introduces significant enhancement in the existing audit reports. The key change is that auditors will be required to describe in the audit reports of listed entities the key areas they focused on in the audit and what audit work they performed in those areas. More transparency regarding the auditor’s and management’s responsibilities with respect to the audited financial statements will also be required.

This session came as part of KPMG’s ongoing efforts to facilitate interactive discussions with businesses and regulators to update them on the new developments that will impact audit reporting. To this end, KPMG in Bahrain conducted similar sessions in cooperation with the Bahrain Accountants Association.

© 2017 KPMG Fakhro, a Bahrain partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss entity. All rights reserved.

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