(New York) The International Auditing and Assurance Standards Board (IAASB), announced on December 22, 2006 that in its last meeting which was held in London it approved new proposals to enhance the written representations that auditors request from management, those related with governance and others, as well as five new exposure drafts written in accordance with its new clarity drafting conventions.
John Kellas, IAASB Chairman explained, "The aim of this project was to improve the quality and appropriateness of written representations"
The IAASB has also issued the following exposure drafts of proposed ISAs:
• ISA 230 (Redrafted), Audit Documentation;
• ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures;
• ISA 560 (Redrafted), Subsequent Events;
• ISA 610 (Redrafted), The Auditor's Consideration of the Internal Audit Function; and
• ISA 720 (Redrafted), Reading Other Information in Documents Containing Audited Financial Statements.
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.
fior more information please vsist the following website: www.ifac.org