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Clarified ISAs
After a consultation launched in October 2008, the Auditing Practices Board (APB) has announced that it will update its UK and Irish auditing standards to reflect the new, clarified, International Standards on Audit (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB). The new auditing standards will be effective for audits of financial statements for periods ending on or after 15 December 2010.
In March 2009 the IAASB completed the “Clarity Project” that involved redrafting all the ISAs in order to make them more understandable and more compatible with regulatory frameworks. As well as redrafting them, the ISAs on group audits, estimates and related parties have been revised and improved to reflect the latest developments. The full suite of ISAs redrafted under the Clarity Project can be accessed from the IAASB website.
The APB will issue proposed new ISAs for UK and Ireland that will incorporate the clarified standards as issued by IAASB plus some supplementary requirements and guidance relating to specific UK and Irish legal and regulatory matters. Before the end of April the APB plans to issue an exposure draft of a complete set of proposed new ISAs for UK and Ireland, with a three month consultation period, with the aim of finalising the new ISAs in the autumn.
[18/05/09]