The International Auditing and Assurance Standards Board (IAASB) issued seven clarified International Standards on Auditing (ISAs) and one clarified International Standard on Quality Control (ISQC), following the consideration and approval by the Public Interest Oversight Board (PIOB) of the due process.
The PIOB has also considered and approved the due process of four additional ISAs that were approved by the IAASB at its September 2008 meeting.
The newly issued standards are:
Ø International Standard on Quality Control (ISQC) 1 (Redrafted), Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements
Ø ISA 220 (Redrafted), Quality Control for an Audit of Financial Statements
Ø ISA 500 (Redrafted), Audit Evidence
Ø ISA 501 (Redrafted), Audit Evidence-Specific Considerations for Selected Items
Ø ISA 505 (Revised and Redrafted), External Confirmations
Ø ISA 520 (Redrafted), Analytical Procedures
Ø ISA 620 (Redrafted), Using the Work of an Auditor's Expert
Ø ISA 710 (Redrafted), Comparative Information-Corresponding Figures and Comparative Financial Statements
The four additional standards are:
Ø ISA 700 (Redrafted), Forming an Opinion and Reporting on Financial Statements;
Ø ISA 800 (Revised and Redrafted), Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks;
Ø ISA 805 (Revised and Redrafted), Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and
Ø ISA 810 (Revised and Redrafted), Engagements to Report on Summary Financial Statements.
The complete set of clarified ISAs will be effective for audits of financial statements for periods beginning on or after