NEW YORK- The International Auditing and Assurance Standards Board (IAASB) announced on October1, 2007 that its complete set of clarified International Standards on Auditing (ISAs) will be effective for audits of financial statements for periods beginning on or after December 15, 2009
It is worth noting that is 2004 the IAASB began a comprehensive program to enhance the clarity of its International Standards on Auditing (ISAs).
The aim of this announcement the board noted is to eliminate uncertainty about when the new standards will apply. This will allow standard setters, regulators and auditors to plan for the adoption and implementation of the standards.
Currently the IAASB continues to advance the clarification of its auditing standards and is on track to complete its Clarity project by the end of 2008 as planned.
In 2004, IAASB began a comprehensive program to enhance the clarity of its International Standards on Auditing (ISAs).
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