NEW YORK- The International Auditing and Assurance Standards Board (IAASB) released on April 11, 2008 the International Standard on Auditing (ISA) 580 (Revised and Redrafted), "Written Representations", and ISA 560 (Redrafted), "Subsequent Events."
ISA 580" Written Representations" (Revised and Redrafted ) contains new requirements designed to improve the auditors' practice in relation to the written statements that management provides to auditors to confirm certain matters or to support other audit evidence (referred to as "written representations").
ISA 560 "Subsequent Events" (Redrafted) The standard, which deals with the auditor's responsibilities relating to subsequent events in an audit of financial statements, provides more clarity as to the requirements, but does not incorporate any substantive changes thereto. ISA 560 (Redrafted) will contribute to improving the consistency of its application by auditors around the world.
The complete set of clarified ISAs, including newly revised standards such as ISA 580 (Revised and Redrafted), is effective for audits of financial statements for periods beginning on or after December 15, 2009.
The ISAs can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.
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