IAASA has published an updated edition of its Compendium of Illustrative Reports.
The update reflects the auditing standards and legislation in effect at 30 June 2025.
The Compendium includes example audit reports for:
- Financial statements of a private company
- Financial statements of a private group
- Financial statements of a micro company
- Revised financial statements
- Abridged financial statements
- Financial statements of a qualifying partnership
- Financial statements of an industrial or provident society
- Financial statements of a friendly society
Key changes in this edition include:
- An updated and simplified link to the description of the auditor’s responsibilities on IAASA’s website.
- Updated language in the auditor’s opinion section to refer to ‘material accounting policy information’, where relevant. This reflects changes to certain accounting standards and updates in the International Auditing and Assurance Standards Boards’ handbook.
- Inclusion of sample wording to reflect the requirements of S.I. No. 322/2023 – European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023. For reports prepared under the Companies Act 2014, the auditor must include a statement whether the entity was required to publish a report on income tax information for the previous financial year.
- Updated legal references, amended terminology, and new footnotes within the example reports for industrial and provident societies and friendly societies, providing additional guidance for auditors on the content and format of their report.
Auditors are encouraged to review the updated examples to ensure that their audit reports align with current requirements.
The updated Compendium is available to download from the Auditing Standards Page of IAASA’s website