IAASB Issues Guidance on Auditing Financial Instruments

The International Auditing and Assurance Standards Board (IAASB) has released International Auditing Practice Note (IAPN) 1000, Special Considerations in Auditing Financial Instruments, to provide practical assistance to auditors when addressing valuation and other considerations pertaining to financial instruments.

IAPNs are non-authoritative documents that do not impose additional requirements on auditors beyond those included in the International Standards on Auditing (ISAs) and so are effectively immediately available for use. IAPN 1000 provides background information about financial instruments and discusses audit considerations such as planning, assessing and responding to audit risks, the valuation of financial instruments and appropriate internal controls related to financial instruments.