The International Auditing and Assurance
Standards Board (IAASB) has issued a revised International Standard
on Assurance Engagements (ISAE) for comment.
The proposed ISAE 3000: Assurance Engagements
Other Than Audits or Reviews of Historical Financial Information,
is a principles-based standard that can be applied to a broad range
of assurance engagements ranging from assurance on statements about
the effectiveness of internal control, to direct engagements such
as performance audits or possible future engagements addressing
integrated or CSR reporting.
The revised standard will include material
from the existing International Framework for Assurance
Engagements, necessary for the ISAE to be understood without
reference to the framework.
On the back of the revision, the IAASB has
proposed amendments to the framework, reflecting the impact of the
proposals in ISAE 3000.
In addition the IAASB said it plans to issue
guidance designed to help readers better understand both reasonable
and limited assurance engagements, which is covered in ISAE 3000.
The guidance will also address direct engagements that have become
common in the public sector and are increasing in the private
Deadline for comment is 1 September.