NEW YORK- The International Auditing and Assurance Standards Board (IAASB) released on January 14, 2008 the last two exposure drafts. 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 2009 as planned.
The first exposure draft addresses International Standard on Auditing (ISA) 210 (Redrafted), “Agreeing the Terms of Audit Engagements”
The Second exposure draft addresses ISA 710 (Redrafted), “Comparative Information Corresponding Figures and Comparative Financial Statements”
The final standards will become effective for audits of financial statements for periods beginning on or after December 15, 2009.
Comments on the exposure drafts are requested by April 15, 2008. The exposure drafts are available on the following website: www.ifac.org
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