NEW YORK - The International Auditing and Assurance Standards Board (IAASB) released on October 2, 2008 seven International Standards on Auditing (ISAs).
The ISAs aims at improving the clarity, and therefore the application, of its standards.
The clarified ISAs include:
• ISA 200 (Revised and Redrafted), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing.
• ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit;
• ISA 450 (Revised and Redrafted), Evaluation of Misstatements Identified during the Audit;
• ISA 530 (Redrafted), Audit Sampling;
• ISA 610 (Redrafted), Using the Work of Internal Auditors;
• ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor's Report; and
• ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report.
The ISAs can be downloaded from the following websites: http://www.ifac.org/store.
IAASB is an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC)
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information, please visit the following website:
www.ifac.org