IAASB Issues Four International Standards on Auditing Under Clarity Project

January 24, 2007

FEI Summary

On Jan. 9, 2007, the International Auditing and Assurance Standards Board (IAASB) announced it has issued the first four final International Standards on Auditing (ISAs) redrafted as part of its project to enhance the clarity of its standards.

The new ISA’s are: ISA 240, “The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements,” ISA 300, “Planning an Audit of Financial Statements; ISA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment,” and ISA 330, “The Auditor's Responses to Assessed Risks.”

The IIASB also released a report on the status of its clarity project.