Promoting the adoption of revised ISAs is one
of the priorities highlighted by the International Auditing and
Assurance Standards Board (IAASB) in its annual report.

IAASB chairman Arnold Schilder said a number
of projects will address issues at the forefront of stakeholders’
minds, summarised as a pursuit of three goals: clarity, quality,
and relevance.

High on the agenda is a project to explore
demands of enhanced auditor communication and the board will
initially look at understanding additional information requested by
users and how it can be presented in the auditor’s report.

“The annual report details the extensive
outreach and liaison activities undertaken during 2010 with key
groups, such as regulators and audit oversight bodies, national
auditing standard setters, accounting standard setters, governments
and public sector organisations, and accounting firms,” Schilder

The IAASB also said it is looking at the role
of the auditor and how it influences the content and the nature of
the auditor’s report.