AMMAN- The Arab Society of Certified Accountants (ASCA) released on May 13, 2007 the Arabic translated version of the International Auditing, Assurance, and Ethics Pronouncements 2007 , which included the following:
- Glossary terms updated
- ISA 700, “The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements”became effective for auditors’ reports dated on or after December 31, 2006.
- ISA 700 gave rise to conforming amendments to the following ISAs 200, 210, 570, 701, 800
In addition to the withdrawals of the following ISA:
- ISA 230, “Documentation” was withdrawn in June 2006 when the revised ISA 230 “Audit Documentation” became effective.
- ISA 700, “The Auditor’s Report on Financial Statements” was withdrawn in December 2006 when the revised ISA 700, “The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements” became effective.
The IAASB has also approved the application of those conventions to the following four, re-titled ISA:
- ISA 240 (Redrafted),“The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”;
- ISA 300 (Redrafted),“Planning an Audit of Financial Statements;”
- ISA 315 (Redrafted),“Identifying and Assessing the Risks of Material
- Misstatement Through Understanding the Entity and Its Environment;” and
- ISA 330 (Redrafted), “The Auditor’s Responses to Assessed Risks.”