IAASB completes clarity project with release of final auditing standards.
With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The clarified standards are effective for audits of financial statements for periods beginning on or after Dec. 15, 2009.
Titles of the seven final clarified ISAs are as follows:
* ISA 210 (Redrafted), Agreeing the Terms of Audit Engagements
* ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
* ISA 402 (Revised and Redrafted), Audit Considerations Relating to an Entity Using a Service Organization
* ISA 700 (Redrafted), Forming an Opinion and Reporting on Financial Statements
* ISA 800 (Revised and Redrafted), Special Considerations--Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
* ISA 805 (Revised and Redrafted), Special Considerations--Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
* ISA 810 (Revised and Redrafted), Engagements to Report on Summary Financial Statements
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|Date:||Apr 1, 2009|
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