IAASB publishes four new ISAs and 2009-2011 strategic plan

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15 Jul 2008

The International Auditing and Assurance Standards Board (IAASB) has published:

  • The IAASB's Strategy and Work Program for the period 2009-2011.
  • Four final International Standards on Auditing (ISAs) as part of the IAASB's Clarity Project.

The IAASB's 2009-2011 strategy focuses on three areas:

  • The development of standards;
  • The facilitation and monitoring of adoption of those standards; and
  • Responding to concerns about the implementation of the standards by activities designed to improve the consistency with which they are applied in practice.
The IAASB's Strategy and Work Program 2009-2011 can be downloaded without charge from www.ifac.org/store.

The four final ISAs are:

  • ISA 250 (Redrafted) Consideration of Laws and Regulations in an Audit of Financial Statements
  • ISA 510 (Redrafted) Initial Audit Engagements–Opening Balances
  • ISA 550 (Revised and Redrafted) Related Parties.
  • The revision of this ISA clarifies the meaning of 'related party' and explains the auditor's responsibility to obtain sufficient evidence about the required accounting and disclosure of related party relationships and transactions and to understand how such relationships and transactions affect the view given by the financial statements.
  • ISA 570 (Redrafted) Going Concern
The four new ISAs, along with all of the other 'clarified' ISAs, will be effective for audits of financial statements for periods beginning on or after 15 December 2009.
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