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IAASB issues seven revised International Standards on Auditing

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03 Oct 2008

The International Auditing and Assurance Standards Board (IAASB) has issued seven revised International Standards on Auditing (ISAs).

Some of the standards released today have been substantively revised, while others have been redrafted to apply the IAASB's new 'clarity' drafting conventions.

The seven newly revised International Standards on Auditing (ISAs) are:

  • ISA 200 (Revised and Redrafted) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. This fundamental ISA:
    • contains an overview of an audit to aid in understanding its purpose and scope;
    • defines the respective authority of the requirements and guidance in ISAs;
    • contains the most fundamental requirements for auditors; and
    • emphasises the importance of sound and consistent professional judgment by the auditor, and the necessity for sufficient audit evidence to support the auditor's opinion.
  • ISA 320 (Revised and Redrafted) Materiality in Planning and Performing an Audit;
  • ISA 450 (Revised and Redrafted) Evaluation of Misstatements Identified during the Audit;
  • ISA 530 (Redrafted) Audit Sampling;
  • ISA 610 (Redrafted) Using the Work of Internal Auditors;
  • ISA 705 (Revised and Redrafted) Modifications to the Opinion in the Independent Auditor's Report; and
  • ISA 706 (Revised and Redrafted) Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report.
Click for IFAC Press Release (PDF 24k).

 

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