Professional Standards: The NEW Independent Auditor’s Report

Pursuant to recent changes in professional standards, the objective of this communique is to raise awareness of certain requirements pertaining to the new and revised auditor reporting standards effective for audits of financial statements for periods ending on or after December 15, 2018.The implications of these new and revised standards are significant and will impact those involved in the financial reporting process (i.e., management, those charged with governance (TCWG), including audit committees) as well as external auditors and financial statement users. The new report provides reporting of going concern matters, as well as entity-specific reporting of other information, and key audit matters for certain entities. The report also provides enhanced transparency by clarifying the scope of the auditor’s work as well as the roles and responsibilities of the auditor, management and TCWG. These changes aim to enhance communication by offering entity-specific information to make the auditor’s report more informative and relevant to user decision making.Please see the illustration that highlights the changes made to Auditor’s Report.

Please understand our goal remains to provide the most reliable, credible and quality product that you and the readers of your financial statements have come to expect from FL Fuller Landau. We trust you will work with us on these changes, cooperate with our team and continue to provide us with access to complete and trust-worthy information for us to do the best possible job for you and your entities.The matters highlighted in this communique are presented in broad general terms and, of course, cannot be applied without consideration of all circumstances. FL Fuller Landau will be pleased to discuss with recipients the possible effects of these matters in specific situations.

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