IAASB proposes new preface and restructuring of standards
26 Nov 2002
The International Auditing and Assurance Standards Board has issued an Exposure Draft (PDF 237k) inviting comment on IAASB's Proposed Terms of Reference; the Preface to the International Standards on Quality Control, Auditing, Assurance, and Related Services; and Operations Policy No 1–Bold Type Lettering.
Comments are due 28 February 2003. The IAASB is proposing to restructure the Auditing and Assurance Handbook to include four separate sections covering:
- Quality control. The documents in this section would be called International Standards on Quality Control (ISQCs). This section would address firm-wide quality control issues while ISAs and ISAEs will address engagement specific quality control matters.
- Audits and reviews of historic financial information. The documents in this section would continue to be called International Standards on Auditing (ISAs) and International Auditing Practice Statements (IAPSs).
- Assurance engagements on other subject matters. The documents in this section would be called International Standards on Assurance Engagements (ISAEs), and in time, if needed, International Assurance Engagement Practice Statements (IAEPSs) could be added.
- Related services. The documents in this section would be called International Standards on Related Services (ISRSs), and over time, if needed, International Related Services Practice Statements (IRSPSs) could be added.