SOCPA Adopts Narrow Scope Amendments to International Standards on Auditing 260 and 700

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Auditing Standards Board, has adopted narrow scope amendments issued by the International Auditing and Assurance Standards Board (IAASB) to International Standard on Auditing (ISA) 260 "Communication with Those Charged with Governance" and ISA 700 "Forming an Opinion and Reporting on Financial Statements" as issued by the international board.

These amendments aim to align with the updated independence requirements in the International Code of Ethics for Professional Accountants concerning Public Interest Entities (PIEs). The IAASB has introduced narrow scope amendments to ISA 260 related to disclosure when communicating with those charged with governance about the application of different independence requirements for auditing certain entities (PIEs). It also introduced narrow scope amendments to ISA 700 concerning the use of the audit report to apply the ethical requirements mandating the disclosure of compliance with different independence requirements for auditing certain entities (PIEs).

For more details on these amendments, please click here.