Implementation of the Clarified Standards
The clarified standards will introduce significant changes to audits. Both users of the current suite of ISAs and ISQC 1, and users of national standards based on these, will be affected, in addition to jurisdictions planning adoption of the new standards.
The level of effort that is needed for successful implementation should not be underestimated. It is, therefore, particularly important to take action at the earliest opportunity to deal with all aspects of implementation. This includes education, continuing professional development courses, and appropriate adjustments to current audit programs and procedures. Successful implementation of the clarified standards will depend upon the level of preparation when the new standards come into effect.
The IAASB has created an overview and guide to the resources that have been developed to support implementation of the clarified ISAs.
Momentum of Adoption and Implementation Efforts
Some may find it helpful in their adoption and implementation efforts to understand adoption and implementation efforts in other jurisdictions. For this purpose, the following table identifies countries that use the clarified standards, or indicated that the clarified standards will be used in 2014 and beyond. The Basis for ISA Adoption by Jurisdiction chart, prepared by the IFAC Member Body Compliance Program, illustrates ISA adoption approaches that may be taken by these jurisdictions.
This table has been compiled as of May 6, 2019, from publicly available information about adoption status in different jurisdictions and from information provided to IFAC Staff by national auditing standards setters. It is included for illustrative purposes only and may not be complete or up-to-date. Jurisdictions that have adopted or plan to adopt the clarified standards who are not listed on this table are encouraged to inform IFAC of their adoption and implementation plans, including the timing of such plans.
Jurisdictions Using the Clarified ISAs or Committed to Using Them in the Near Future (129):
Democratic Republic of the Congo
Bosnia and Herzegovina
|Trinidad and Tobago|
United Arab Emirates*
Central African Republic
Papua New Geinea
|Kyrgyz Republic||Russian Federation|
** Private Companies
* Abu Dhabi and Dubai
In October 2008, the staff of the IAASB issued a Clarity Project Update, which encourages all those with responsibilities relating to audits of financial statements to consider implementation issues as soon as practicable. It provides general considerations that may be relevant to:
- National standards setters, legislators, and others involved in setting standards;
- Regulators and oversight bodies;
- IFAC member bodies; and
- Accounting firms and audit practitioners
Staff Questions and Answers
In August 2009, the staff of the IAASB released a Questions & Answers publication, Applying ISAs Proportionately with the Size and Complexity of an Entity, to highlight how the design of the ISAs issued under the Clarity Project enables them to be applied in a manner proportionate with the size and complexity of an entity. The publication is relevant in the context of any audit, but will be of particular help to those who audit, or oversee the audits of, small- and medium-sized entities.
IAASB staff has developed a series of ISA Modules focusing on some of the new and more significantly revised ISAs.
Each module consists of a short video and slides that explain the key principles of, and major changes in, individual ISAs. This non-authoritative material is designed to be of assistance to auditors in the field, trainers, and those responsible for promoting adoption and implementation of the clarified ISAs.
Videos and slide presentations are available for the titles listed below:
ISA Modules Issued in 2010
ISA Modules Issued in 2009
Permissions and Translations
For requests regarding translations of the videos, slides or supporting notes, or for transcripts of the videos for translation purposes, please email firstname.lastname@example.org.