03 October 2008

IAASB issues revised ISAs

The revised ISA 200 codifies the principles underpinning the interpretation of standards and sets out how the objectives, requirements and guidance in all ISAs are to be understood, IAASB Chairman Kellas said.

The IAASB released seven International Standards on Auditing (ISAs), including ISA 200. “ISA 200 codifies the principles underpinning the interpretation of standards drafted using the clarity conventions”, IAASB Chairman John Kellas said. “It establishes the basic objective and obligations of the auditor, and sets out how the objectives, requirements and guidance in all ISAs are to be understood."

 

Some of the standards have been substantively revised, while others have been redrafted to apply the new conventions. The standards will provide further momentum toward achieving convergence and contribute to enhancing understanding of the purpose and scope of audits, and their effective conduct.

 

Further information

 

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