The International Federation of Accountants (IFAC) announced on November 15, 2006, that the International Auditing and Assurance Standards Board (IAASB), has issued three exposure drafts of proposed International Standards on Auditing (ISAs) These exposure drafts form part of the IAASB's ambitious 18-month program to redraft existing standards and to develop new and revised standards following the new drafting conventions.
The following three proposed standards have been redrafted following the new drafting conventions:
• ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit;
• ISA 450 (Redrafted), Evaluation of Misstatements Identified during the Audit; and
• ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance.
IAASB Chairman John Kellas pointed out, "We believe that the proposed redrafted standards contain clear requirements and easy to understand application guidance in these very important areas."
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
IAASB is an independent standard setting board within the 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