FSC amends the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and the Regulations Governing Approval of Certified Public Accountants to Audit and Attest to the Financial Reports of Public Companies

To harmonize with the classifications and numbering of the Standards on Auditing set out in the Preface to the Pronouncements Issued by the Auditing Standards Committee of the Accounting Research and Development Foundation (ARDF), the Financial Supervisory Commission (FSC) on 2 February 2024 amended the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants. The amendment updates the names and numbers of referenced Standards to align with Taiwan's current Standards on Auditing (TWSA). To accommodate professional practice, the amendment also expressly allows CPAs to tailor audit procedures to specific circumstances based on considerations of materiality and audit risk, while requiring them to specify the reasons in the audit documentation. Additionally, to distinguish the Regulations from the separate but identically named Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants issued by the Ministry of Economic Affairs, the FSC amended the name of the Regulations to the "Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants." Meanwhile, to harmonize with the applicable classifications set out in the Preface to the aforementioned Pronouncements and to expressly require CPA firms to comply with the Taiwan Standards on Quality Management (TWSQM), the FSC simultaneously issued relevant amendments to the Regulations Governing Approval of Certified Public Accountants to Audit and Attest to the Financial Reports of Public Companies.