KARACHI: The Southern Regional Committee (SRC) of the Institute of Chartered Accountants of Pakistan (ICAP) is organizing a seminar on “Changes in the Auditor’s Report – A Fundamental Shift” scheduled to be held on Wednesday, December 2, 2015 from 10:00 a.m. to 1:15 p.m. at Karachi.
Hafiz Mohammad Yousaf, President ICAP will be Session Chairman and Arslan Khalid, Partner, Ernst Young Ford Rhodes Sidat Hyder and a member of the Southern Regional Committee of ICAP, will be the keynote speaker.
The keynote presentation will be followed by a panel discussion in which Amir Jamil Abbasi, Partner Audit, KPMG Taseer Hadi & Co., Ayaz Ahmed, Head – Acquisitions & Investments, HBL, Kamran Y. Mirza, CEO, Pakistan Business Council, Shoaib Ghazi, Executive Director, Audit & Assurance, Deloitte Yousuf Adil and Zaffar A. Khan, Adjunct Faculty, Institute of Business Administration, Karachi will join as the panelists. The panel discussion will be moderated by Farrukh Rehman, Partner, A.F. Ferguson & Co.
The auditor’s report is the key deliverable of the independent audit of the financial statements. The International Auditing and Assurance Standards Board (IAASB) believe that the enhancement in auditor reporting is critical to the perceived value of the financial statement audit and will increase the confidence in the audit and the financial statements which is in the public interest.
In this context and based on international research, public consultation and stakeholder outreach, the IAASB has issued new and revised auditing standards on audit reports in January 2015 which are effective for audit of financial statements for periods ending on or after December 15, 2016. The implementation of these standards will result in a significant change in the audit reporting practice globally as the auditor will be required to communicate the key audit matters through the auditor’s report.
This seminar is particularly useful for members of the Board Audit Committees, CFOs, internal auditors, financial analysts and practicing chartered accountants.