As part of its commitment to staff professional development and in keeping pace with the latest innovations and developments in the area of international standards on auditing, and in view of the amendments to the International Standard on Auditing (ISA) 700 concerning the new Auditor’s Report which will become effective on December 31 2016, the PMA organized, in cooperation with Ernst & Young, a workshop on ISA 700 and related revisions. The workshop, delivered to both Ramallah and Gaza employees, was presented by Mr. Saed Abdallah from EY.
The workshop was inaugurated by Assistant to the Governor for Financial Stability Affairs, Dr. Riyad Abu Shehadeh, who stressed the relevance of the workshop’s topic, pointing out that the PMA continuously seeks to stay abreast with the latest developments in all relevant fields. Dr. Abu Shehadeh highlighted the importance of the Auditor’s Report communicative value to both the auditor and the users of audited financial statements, which play a pivotal role in the formulation of the policies of the various stakeholders. He explained that the conformance of a report to set prerequisites helps in comprehending its content and essence. This, he added, was the responsibility of the independent auditor tasked with forming and expressing an opinion on the fair presentation of an entity’s financial statements. As such, the report should be composed of clear and intelligible elements of content and form.
The workshop included a presentation by Mr. Saed Abdullah on the amendments and revisions to the Auditor’s Report within the frame of the ISA 700, addressing the issues of auditor’s opinion; auditor’s independence; management responsibility in the entity under audit; the auditor’s responsibility to opinion on entity’s ability to continue, as well as other key audit concerns and elements to be included within the Auditor’s Report and made available to the various users of financial statements.