IAASB Completed Projects

 

Modifications to the Opinion in the Independent Auditor's Report

The objective of this project was to redraft the close off document of ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.

The IAASB approved ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor's Report in June 2008. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report

The objective of this project was to redraft the close off document of ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report, in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.
The IAASB approved ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter Paragraphs in June 2008. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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Related Parties

The objective of this project was to revise ISA 550, Related Parties. The IAASB approved ISA 550 (Revised and Redrafted), Related Parties in March 2008. The ISA will be published after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009.
A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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Using the Work of An Expert

The objective of this project is to revise ISA 620, Using the Work of an Expert.

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Audit Considerations Relating to Entities Using Service Organizations

The objective of this project was to revise ISA 402, Audit Considerations Relating to Entities Using Service Organizations.

The IAASB approved ISA 402 (Revised and Redrafted),Audit Considerations Relating to an Entity Using a Service Organization in December 2008. The ISA will be published after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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Fair Value Auditing Guidance

To determine how best to approach the development of any possible further fair value auditing guidance.

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Communicating Deficiencies in Internal Control

The objective of this project is to develop a clear definition of the threshold at which deficiencies in internal control that the auditor has identifed during the audit should be communicated to those charged with governance and management, and to provide enhanced guidance to assist the auditor in fulfilling the auditor's communication responsibilities.

The IAASB approved ISA 265,Communicating Deficiencies in Internal Control to Those Charged with Governance and Management in December 2008. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions will provide background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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Clarity of IAASB Standards

The objective of this project is to improve the clarity of International Standards on Auditing (ISAs).

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External Confirmations

To revise ISA 505, External Confirmations.

The IAASB approved ISA 505 (Revised and Redrafted), External Confirmations in September 2008. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009. A Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

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