Four revised International Standards on Auditing
15 Jan 2007
The International Auditing and Assurance Standards Board (IAASB) has issued the first four final International Standards on Auditing (ISAs) redrafted as part of its comprehensive program to enhance the clarity of its standards.
It has also approved amendments to the Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services. The Preface identifies the conventions to be used by the IAASB in drafting future ISAs and the obligations of auditors who follow those standards. The IAASB has issued the following four redrafted standards:
- ISA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
- ISA 300 Planning an Audit of Financial Statements
- ISA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment
- ISA 330 The Auditor's Responses to Assessed Risks