Date: September 12, 2014
Issue: Exposure Draft Addressing Disclosures in the Audit of Financial Statements
To: International Auditing and Assurance Standards Board
Filing Type: Regulatory
Description: The CCMC welcomes the opportunity to comment on the International Auditing and Assurance Standards Board (“IAASB”) Exposure Draft on Addressing Disclosures in the Audit of Financial Statements (“the Proposal”). However, the CCMC has serious concerns that the Proposal may be premature given the disclosure simplification and effectiveness projects currently or soon to be underway by financial regulators and accounting standard setters such as the U.S. Securities and Exchange Commission (“SEC”), Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”). The CCMC is also concerned that the Proposal wades into areas that are within the purview of management, financial regulators and accounting standard setters.