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October 13, 2010

IAASB issues guidance on auditing financial instruments

The International Auditing and Assurance Standards Board (IAASB) has proposed new guidance for auditors dealing with complex financial instruments.

International Auditing Practice Statement (IAPS) 1000 – Special Considerations in Auditing Complex Financial Instruments seeks to emphasise auditing considerations relating to fair value estimates and valuation, and disclosure issues.

The IAASB is also seeking comment on proposed changes to Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services. This proposal aims to provide a common understanding of how practice statements are used.

The IAASB is looking to finalise IAPS 1000 in 2011.

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