IAASB Completed Projects

 

Audit of Group Financial Statements

The objective of this project was to revise ISA 600, Using the Work of Another Auditor. The project resulted in the issue of ISA 600 (Revised and Redrafted), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors). The 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.

Read More

Written Representations

The objective of this project was to revise ISA 580, Management Representations. The IAASB approved ISA 580 (Revised and Redrafted), Written Representations in December 2007. The ISA was published in April 2008 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 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.

Read More

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

The objective of this project was to redraft the close off version of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures (Other Than Those Involving Fair Value Measurements and Disclosures), in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs, and to revise it to include auditing considerations relating to fair value accounting estimates and disclosures. The IAASB approved ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures in December 2007. The ISA was published in February 2008 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 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.

Read More

Communication With Those Charged With Governance

The objective of this project was to revise ISA 260, Communication of Audit Matters with Those Charged with Governance. The IAASB approved ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance in September 2007. The ISA was published in December 2007 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 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.

Read More

Review of Interim Financial Information by the Auditor of the Entity

The objective of this project was to establish standards and provide guidance for auditors that review interim financial information issued by their audit clients.

Read More

Audit Documentation

The objective of this project was to revise ISA 230, Documentation. The project resulted in the issue of ISA 230 (Revised), Audit Documentation. ISA 230 (Revised) is effective for audits for financial periods beginning on or after June 15, 2006.
The 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.
 

Read More

Quality Control

The objectives of this project were to:

  • Establish basic principles and essential procedures and to provide guidance regarding a firm's responsibilities for its system of quality control for audits and reviews of historical financial information, and other assurance and related services engagements; and
  • Revise the existing ISA 220, Quality Control for Audit Work, relating to the responsibilities of firm personnel with regard to the quality control policies and procedures applicable to audit engagements.


This project resulted in the issue of the following two Standards:


ISA 220, Quality Control for Audit Workwill be withdrawn when ISA 220 (Revised) becomes effective.

 

Read More

Planning an Audit of Financial Statements

The objective of this project was to revise ISA 300, Planning, in light of the Audit Risk Standards and recent trends in firms' audit methodologies.

Read More

The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements

The objective of the project was to revise ISA 700, The Auditor's Report on Financial Statements.

Read More

Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements

The objective of this project was to revise ISA 240, The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements.

Read More

1234

 

View Open Projects

 

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.