Globally, we are at the start of the conversation for extended auditor reporting with revised and new auditor reporting ISAs implemented for accounting periods ending after 15 December 2016.
Extended auditor reporting was implemented successfully in the UK in 2013. Since 2013, it is interesting to note how far the UK has come: from the short, boilerplate, uninformative report to the extended report covering the Key Audit Matters over a number of pages. However this is a fragile achievement and everyone involved needs to continue to support informative auditor reporting. All this represents a significant challenge for the profession. There is a real risk of failure, but the prize is worth striving for: clear communication of the value and relevance of auditing.
Source: Deloitte Survey of 2015 year ends June 2016