IAASB ISSUES REDRAFTED & CLARIFIED STANDARDS ON AUDITING

The International Auditing & Assurance Standard Board (IAASB) has issued three final standards that reflect its new clarity drafting conventions:

• International Standard on Auditing (ISA) 230 (Redrafted), Audit Documentation;
• ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance; and
• ISA 720 (Redrafted), The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements. The complete set of clarified ISAs, including some newly revised  standards also under development, will be effective for audits of financial statements for periods beginning on or after December 15, 2009.