ACCA has launched an online survey to gather feedback on the International Auditing and Assurance Standards Board's (IAASB's) exposure draft which proposes changes to audit reports, including the provision of more information on how audits are performed.

The IAASB released the ED Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs) in July 2013.

The ED revises several existing ISAs (700, 260, 570, 705 and 706) and introduces a new ISA, ISA 701 Communicating Key audit matters in the Independent Auditor's Report.

Under ISA 701, the IAASB proposes that within the audit report there should be a 'key audit matters' section which would outline audit matters that were of most significance which arose during the audit.

David York, head of auditing practice at ACCA, said: 'The "pass or fail" auditors' report is dead. Its replacement is currently at the forefront of the profession's global public interest agenda, so it is important to get the widest possible feedback on proposals.'

ACCA is inviting comments to help it in developing its response to the IAASB's proposals. Along with the Financial Reporting Council, ACCA will also be hosting a discussion forum on the changes event in London on 24 October 2013.

York said: 'Our survey is open to anyone to respond, not just ACCA members or students. We would appreciate views from around the world, from businesses large or small, as well as from audit firms. The survey summarises the proposals so that anyone may answer the questions. That's an incentive to ACCA members to complete it, as it may give Continuing Professional Development (CPD) time and ACCA students will get a valuable insight into this important debate.'

ACCA's online survey is open until 31 October 2013 and is available HERE