INTERNATIONAL STANDARDS ON AUDITING

To enhance the quality and consistency of audits, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is continuing to advance its project to clarify its international standards. The IAASB has now approved five final International Standards on Auditing (ISAs) drafted in accordance with the new conventions and, including the eight just released, 23 exposure drafts of ISAs. The IAASB expects to issue a further seven exposure drafts this year, and to complete all 35 ISAs as final standards by the end of 2008. India: The council of the Institute of Chartered Accountants of India has in principle decided to also redraft all its Audit and Assurance Standards (AASs) as Standards on Auditing (SAs) and also to follow same style and numbering as of ISAs