Six exposure drafts from IAASB
26 Dec 2006
The International Auditing and Assurance Standards Board (IAASB) approved a proposed revised International Standard on Auditing (ISA) 580 (Revised and Redrafted) Written Representations, as well as five exposure drafts of revised standards written in accordance with the IAASB's new clarity drafting conventions.
Written representations are affirmations that auditors request from management, those charged with governance, and others, as part of the audit process. The affirmations relate to the financial statements, including internal control, and the completeness of information made available to the auditor, and specific assertions in the financial statements. The five 'clarity' exposure drafts are:
- ISA 230 (Redrafted), Audit Documentation;
- ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures;
- ISA 560 (Redrafted), Subsequent Events;
- ISA 610 (Redrafted), The Auditor's Consideration of the Internal Audit Function; and
- ISA 720 (Redrafted), Reading Other Information in Documents Containing Audited Financial Statements.