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

Press release

Published February 6th, 2017 - 06:14 GMT

During the event

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.

Background Information

KPMG

Through helping other organizations mitigate risks and grasp opportunities, we can drive positive, sustainable change for clients, our people and society at large.

KPMG member firms operate in 153 countries, collectively employing more than 207,000 people, serving the needs of business, governments, public-sector agencies, not-for-profits and through member firms' audit and assurance practices, the capital markets. KPMG is committed to quality and service excellence in all that we do, bringing our best to clients and earning the public's trust through our actions and behaviours both professionally and personally.