News
IAASB Advances Project on Clarity of International Standards; Issues First Set of Final ISAs in New Style
11-Jan-2007
(New York) The International Auditing and Assurance Standards Board (IAASB) issued on January 9, 2007 the first four final International Standards on Auditing (ISAs) redrafted as part of its comprehensive program to enhance the clarity of its standards. It has also approved amendments to the Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which establishes the conventions to be used by the IAASB in drafting future ISAs and the obligations of auditors who follow those standards.
The four redrafted standards included:
• ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements;
• ISA 300, Planning an Audit of Financial Statements;
• ISA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment; and
• ISA 330, The Auditor's Responses to Assessed Risks.
John Kellas IAASB Chairman pointed out, "the release of these final ISAs in the new drafting style represents an important milestone for the IAASB as it works to improve the clarity of its international standards. He added The IAASB is satisfied that these four redrafted ISAs are clearer.
IAASB is an independent standard setting board within the International Federation of Accountants (IFAC). Its objective is to serve the public interest by setting high quality standards on auditing, quality control, review, other assurance and related services.
For more information please visit the following website: www.ifac.org