NEW YORK- The International Auditing and Assurance Standards Board (IASB) at its last meeting held in Madrid, approved two sets of new exposure drafts.
The first exposure draft addresses ISA 505 (Revised and Redrafted), “External Confirmations “the use and reliability of external confirmations as audit evidence.
The second exposure draft addresses ISA 620 (Revised and Redrafted), “Using the Work of an Auditor’s “proposes stricter requirements when an auditor uses an expert to obtain audit evidence.
The Exposure drafts are available on the International Federation of Accountants (IFAC) website (www.ifac.org).Comments on the exposure drafts are requested by February 15, 2008.
The exposure drafts are part of the IAASB project to advance the clarification of its auditing standards and is on track to complete its clarity project by the end of 2008 as planned.
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