IASSB Proposes New Requirements for Audit of Related Parties; Progresses on Clarity Standards

March 1, 2007

FEI Summary

On March 1, 2007, the International Auditing and Assurance Standards Board (IAASB) announced proposed new requirements for audits of related parties and announced further progress on clarity standards.

Comments on IAASB’s Exposure Draft (ED) of proposed International Standard on Auditing (ISA) 550 (Revised and Redrafted), Related Parties, are due June 30. Comments on  proposed ISA 570, Going Concern - which has been redrafted in the new style designed to enhance the clarity of IAASB pronouncements – are due May 31.