Assurance on management commentary: Where next?

ICAS has published its report summarising the feedback and comments received on its Balanced and reasonable discussion paper .

The report summarises the key messages from respondents and participants in the various events and meetings hosted by ICAS.

1 April 2014

Read feedback on balanced
and reasonable discussion paper

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Key messages from the consultation process were:

  • Support for the proposals, with ICAS applauded for stimulating debate.
  • 44% of responses stated that there was a need to demonstrate user demand for this type of assurance.
  • The responses demonstrated some confusion over the extent of assurance currently provided by auditors on information contained in the front-half of annual reports.
  • 25% of respondents favoured monitoring the impact of fair balanced and understandable requirement before proposing any more change.
  • An exercise to demonstrate the benefits compared to the cost of the additional work was mentioned by 41% of respondents.

There was a need to revisit the auditor liability regime which could be an obstacle to this type of work.


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