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Two new IAASB auditing exposure drafts

  • IFAC (International Federation of Accountants) (lt gray) Image

27 Sep 2004

The International Auditing and Assurance Standards Board (IAASB) has approved two new exposure drafts.

The IAASB Press Release (PDF 85k) has links for downloading the EDs:
  • Proposed Policy Statement on Clarifying Professional Requirements in International Standards. The ED defines two categories of professional requirements – "requirements" and "presumptive requirements". A requirement, to be fulfilled in all cases, would be identified by the word "shall" and a presumptive requirement by the word "should". The IAASB also issued a consultation paper, Improving the Clarity and Structure of IAASB Standards and Related Considerations for Practice Statements, which seeks feedback on whether there is a need to change the way IAASB standards are drafted. Comments on the exposure draft and related consultation paper are requested by 31 December 2004.
  • Revision to International Standard on Auditing (ISA) 230, Audit Documentation. The proposed revisions include clarification on the form, content, and extent of audit documentation, guidance on changes to audit documentation after the date of the auditor's report, and matters to be considered in connection with confidentiality, safe custody, and retention of audit documentation. An appendix to the exposure draft identifies additional specific audit documentation requirements set out in other ISAs. Comments on this exposure draft are requested by 31 January 2005.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.