This new resource includes modules that provide an introduction to, and an overview of, the clarified ISAs. These modules address auditing accounting estimates, including fair value estimates and communication with those charged with governance.
To promote awareness and understanding of the newly clarified International Standards on Auditing (ISAs), the International Auditing and Assurance Standards Board (IAASB) released a series of "ISA Modules" focusing on some of the new and more significantly revised ISAs. Developed by IAASB staff, each of these modules combines short video presentations and accompanying slides explaining the key principles of, and major changes to, individual ISAs, including the implications for audits of small- and medium- sized entities (SMEs).
"Promoting the adoption and successful implementation of ISAs is one of the IAASB's most important goals. These new tools will help us to move closer to that goal by providing support to those responsible for adopting and implementing the clarified ISAs, trainers, and auditors in applying them in practice," explained Arnold Schilder, Chairman of the IAASB.
This new resource includes modules that provide an introduction to, and an overview of, the clarified ISAs. This incorporates ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, audit documentation and SME audit considerations. Additional modules cover ISAs addressing related parties, auditing accounting estimates, including fair value estimates, communication with those charged with governance, and communicating deficiencies in internal control.
"Now is the time to address the necessary aspects of implementation. This includes developing or updating training programmes and considering audit methodology changes," emphasized IAASB Technical Director James Gunn. He added that "Successful implementation of the clarified ISAs will depend on being well prepared when they come into effect.” The IAASB encourages IFAC members, associates, regional accountancy bodies and firms to use these materials and to promote their availability to their members and employees.
© IAASB - International Auditing and Assurance Standards Board
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article