The final set of clarified standards comprise 36 International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1, including:
- One new standard, addressing communication of deficiencies in internal control;
- 16 ISAs containing new and revised requirements (these have been referred to as "revised and redrafted ISAs"); and
- 20 ISAs that have been redrafted to apply the new conventions and reflect matters of general clarity only (these have been referred to as "redrafted ISAs and redrafted ISQC 1").
Structure of the ISAs
The ISAs now have a new structure, in which information is presented in separate sections: Introduction, Objective, Definitions, Requirements, and Application and Other Explanatory Material.
Introductory material may include information regarding the purpose, scope, and subject matter of the ISA, in addition to the responsibilities of the auditors and others in the context in which the ISA is set.
Each ISA now contains a clear statement of the objective of the auditor in the audit area addressed by that ISA.
For greater understanding of the ISAs, applicable terms have been defined in each ISA.
Each objective is supported by clearly stated requirements. Requirements are always expressed by the phrase "the auditor shall."
Application and Other Explanatory Material
The application and other explanatory material explains more precisely what a requirement means or is intended to cover, or includes examples of procedures that may be appropriate under given circumstances.
ISAs and ISQC 1
A complete list of the individual standards that comprise the clarified ISAs, as well as ISQC 1, is below. These standards are available to view and/or download under Publications & Resources.
The Basis for Conclusions for each ISA and ISQC 1 can be found under Publications & Resources. These staff-prepared documents provide background information, main comments received on the exposure drafts, and the IAASB's conclusions regarding these comments in developing the final standard.
In finalizing the 2012 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (the handbook), editorial and formatting changes were made to some ISAs from the 2010 handbook. A bridging document has been prepared which provides an overview of these changes.
To view or download the current standards, or to order a printed copy of the 2012 handbook, visit Publications & Resources.