IAASB defers ISAs 200 and 210

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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.
Further, in June 2005, the IAASB issued an exposure draft of proposed ISA 701 The Independent Auditor's Report on Other Historical Financial Information. IAASB had intended that ISA 701 should become effective at the same time as ISA 700. However, because commentators on proposed ISA 701 identified inconsistencies or uncertainties between certain requirements of ISAs 200 and 210, and those of proposed ISA 701, the IAASB will not be able to finalise ISA 701 before the amendments to ISAs 200 and 210 were to have come into effect. Therefore, the effective dates of ISA 200 in part, and ISA 210 in its entirety, have been delayed indefinitely pending completion of ISA 701. Click for IFAC Press Release (PDF 83k).

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