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04 November 2010

IAASB report on implementation of the clarified International Standards on Auditing


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Der IAASB veröffentlichte einen Bericht über sein Projekt zur Umsetzung ihrer bislang geklärten Internationalen Standards zum Auditing (ISA). Um das Bewußtsein und das Verständnis der ISA zu stärken, hat die IAASB dazu auch eine zweite Serie von ISA-Modulen veröffentlicht.


The report Implementation of the Clarified ISAs highlights key findings from the first phase of the IAASB initiative to develop a process for gathering information to help it evaluate the effective and consistent implementation of the clarified ISAs. Following completion of the Clarity Project, the first phase of this IAASB initiative has focused on learning more about early implementation experiences. The Clarity Project was completed by the IAASB in March 2009, resulted in the issuance of 36 ISAs and one International Standard on Quality Control in a new style that is easier to understand, translate, and implement. Approximately half of the ISAs also contain substantive new requirements intended to improve practice in a variety of respects. The new set of clarified ISAs is now in effect for 2010 year-end audits.

“Effective implementation is key to realizing the full benefits of the clarified ISAs,” said Prof. Arnold Schilder, Chairman of the IAASB. “With extensive implementation efforts now underway around the world, it is important for the IAASB to obtain timely feedback on the clarified ISAs from a variety of key stakeholders. The information we gather from this first phase and subsequent efforts of our monitoring project will help the IAASB continue to meet its objective of developing high-quality ISAs.

The IAASB also has released a second series of ISA modules, focusing on some of the new and more significantly revised ISAs. These modules cover ISAs that address materiality in planning and performing an audit of financial statements, the evaluation of identified misstatements, written representations, using the work of an auditor’s expert, and auditor reporting. Each of the ISA modules combines short video presentations, accompanying slides, and supporting notes that explain the key principles of, and major changes in, individual ISAs.

As further support for ISA implementation, IAASB staff has released Auditor Considerations Regarding Significant Unusual or Highly Complex Transactions, a questions-and-answers (Q&A) publication. The Q&A highlights considerations in the ISAs that are relevant to auditing such transactions, often an area that gives rise to risks of material misstatement of the financial statements.

  “These new resources will assist people responsible for adopting and implementing the clarified ISAs and, in particular, auditors as they prepare for the upcoming audit season,” explained IAASB Technical Director James Gunn. He added that “this additional support underscores the IAASB’s commitment to facilitating effective implementation of the ISAs and, ultimately, to enhancing audit quality.”

The new ISA modules are available to download free of charge from the IAASB Clarity Center on the IAASB’s website.

Press release


© IAASB - International Auditing and Assurance Standards Board

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