New York - The International Auditing and Assurance Standards Board (IAASB) at its July 2007 meeting in Warsaw, Poland approved exposure drafts of nine proposed standards, including each of its international quality control and auditor reporting standards.
Listed below are the approved exposure drafts:
- (ISQC) 1 (Redrafted), Quality Control for Firms that Perform Audits and Reviews of Financial Statement, and Other Assurance and Related Services Engagements, along with proposed International Standard on Auditing (ISA) 220 (Redrafted), Quality Control for an Audit of Financial Statements; •
- ISA 700 (Redrafted), The Independent Auditor's Report on General Purpose Financial Statements; •
- ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor's Report; •
- ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report; •
- ISA 800 (Revised and Redrafted), Special Considerations - Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and •
- ISA 805 (Revised and Redrafted), Engagements to Report on Summary Financial Statements.
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