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In 2009, the IAASB concluded its five-year Clarity project to redraft and revise the ISAs. The post-implementation review is the second phase of the IAASB’s efforts to monitor the implementation of these standards. The review is focused on whether the clarified ISAs are being consistently understood and implemented in a way that achieves the IAASB’s goals in revising and redrafting them.
“With extensive uptake of the clarified ISAs throughout the world, in already more than 75 countries, now is the time to gain a deeper understanding of how the clarified ISAs are being used and implemented”, said Prof Arnold Schilder, Chairman of the IAASB. “When this review is completed in 2013, the IAASB will be better able to assess whether there is need for further changes to the ISAs. Timely feedback on the clarified ISAs from a variety of stakeholders is therefore essential for this purpose and the IAASB’s objective of ensuring that its standards continue to be of the highest quality.”
Features of the post-implementation review, which involves gathering information about the use of the clarified ISAs during 2012, are set out in the IAASB’s 'Plan for a Post-Implementation Review of the Clarified International Standards on Auditing'.
Recognizsing the broad range of stakeholders that may be interested in providing feedback to the IAASB about the clarified ISAs and their implementation, the IAASB encourages and welcomes input from all interested parties for the purpose of the review.