Auditing disclosures

The IAASB has considered whether additional guidance should be given to auditors to help them to determine whether qualitative disclosures are material or not by making a preliminary determination at the planning stage of the audit of those disclosures that could reasonably be expected to influence the economic decisions of users

An independent auditor considers whether a particular matter should be disclosed in light of the circumstances and facts of which he is aware at the time

[The following paragraph is effective November 15, 2008

See PCAOB Release 2008-001 (January 29, 2008)

For the paragraph effective before November 15, 2008, click here

As disclosures are an integral part of the financial statements, it is important for the auditor to give attention to disclosures throughout the audit