IAASA, has published its annual observations paper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2023 year end dates.
The paper notes that 2023 financial statements will be prepared against continued uncertainty in the economic outlook such as:
- easing growth momentum amid declining inflation and a robust labour market,
- inflation with domestic price increases at their highest level in 38 years,
- that high inflation has led to tighter monetary policies, and
- uncertainty affecting all businesses.
The Observations paper highlights some key areas that warrant scrutiny by those preparing, approving and auditing 2023 financial statements.
The 2023 Observations paper may be accessed
here.
IAASA has also published its key messages for auditors in the area of communication with those charged with governance. For details click
here.