Standards Board has completed the first phase of its Clarity
Project by releasing the last two standards for public
exposure.
The exposure drafts of International Standard on Auditing (ISA) 210
Agreeing the Terms of Audit Engagements and ISA 710 Comparative
Information – Corresponding Figures and Comparative Financial
Statements complete a set of 32 standards that form the Clarity
Project. Of this, some standards have been completed, a number are
at the exposure draft stage, and the remainder have completed
public exposure and are in the final stages of the clarity
process.
International Federation of Accountants executive director of
professional standards Jim Sylph told TA the project is
well on track to meet its late-2008 deadline. “We reached the
milestone where we’ve got everything out in the marketplace and it
now has been seen. It’s been a huge task, both staff resource but
mostly the volunteer resource that’s made up by the board. The
board has put in extra meetings and the board volunteers have been
incredible in the amount of time they have donated to achieve this
objective,” he said.
The team working on the Clarity Project is made up of eight
full-time staff, four part-time staff and 18 voluntary board
members. When completed, 21 extant ISAs will have been fully
revised, updated or redrafted and the remaining 11 will have been
redrafted in accordance with the new conventions. In addition,
International Standard on Quality Control 1 will have been
redrafted and a new ISA on communicating deficiencies in internal
control developed.
More than 100 countries use or base their national auditing
standards on ISAs. The US, which uses standards set by the Public
Company Accounting Oversight Board, is the only notable
exception.
However, Sylph noted: “I think we can see IFRS having full global
acceptance and option within the next few years and I think that
has set the right tone for them to consider doing something similar
in the auditing standards arena.”
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