AASB 9 Financial Instruments and AASB 7 Financial Instruments: Disclosure were operative from 1 January. Standards require auditors to reassess risks and the nature, timing and extent of audit procedures as well as communications with governance that flow from the new standards.
This session will:
- Identify the increased audit risks that flow from the introduction of AASBs 9 and 7
- Describe what should be in your audit-requirements letter to management
- Describe how the audit risks can be addressed drawing on the requirements of key audit standards
- Identify typical audit procedures that could be applied to critical elements of AASBs 9 and 7 and documentation requirements, and
- Discuss how audit reports may be affected.