IAASB defers ISAs 200 and 210
06 Nov 2005
The International Auditing and Assurance Standards Board (IAASB) has deferred the effective dates of two revised International Standards on Auditing (ISAs) that were to take effect for audits of financial statements for periods beginning on or after 15 December 2005. They are ISA 200 Objective and General Principles Governing an Audit of Financial Statements and ISA 210 Terms of Audit Engagements.
IASs 200 and 210 had been revised in December 2004 as a consequence of the IAASB's Revisions to ISA 700 The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements (PDF 134k), which are effective for reports dated on or after 31 December 2006. The ISA 700 revisions:
- require that the auditor's report clearly identify the accounting framework by which the financial statements have been prepared – IFRSs or otherwise, and
- provide guidance on whether an accounting framework is acceptable, and on the need for the auditor to consider whether the financial statements are misleading even when they comply in all respects with that framework.