IAASB issues updated standard on use of internal auditors
The International Auditing and Assurance Standards Board (IAASB) has released a revised International Standard on Auditing (ISA) dealing with the use of internal auditors in external audits.
The revised ISA 610 Using the Work of Internal Auditors is the result of an exposure draft issued in July 2010 and is designed to enhance the performance of external auditors by enabling better consideration and leveraging, as appropriate, of the knowledge and findings of the internal audit function in making risk assessments, and strengthening the framework for the evaluation and, where appropriate, use of the work of internal auditors in obtaining audit evidence.
The revised pronouncement is effective for audits of financial statements for periods ending on or after 15 December 2013. Click for IAASB press release (link to IFAC website).