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December 14, 2008

News briefs

Clarity project to finish in March 2009…

Canadian to chair international advisory council…

Inspection deadline extended…

STANDARDS Clarity project to finish in March 2009

The International Auditing and Assurance Standards Board (IAASB) will not fully complete its Clarity Project in 2008, despite releasing another seven clarified International Standards on Auditing (ISAs) and one clarified International Standard on Quality Control (ISQC) this month.

The IAASB, an independent standard-setting board under the auspices of the International Federation of Accountants, had intended to complete the project by the end of this year.

However it has had to approve amendments to four proposed ISAs that can not be considered and approved by the Public Interest Oversight Board until February 2009. The IAASB said it expects the last three ISAs will be released in March 2009.

PEOPLE Canadian to chair international advisory council

Paul Cherry has been appointed chair of the International Accounting Standards Board’s Standards Advisory Council (SAC). His three-year term starts on 1 January 2009. He succeeds Nelson Carvalho.

Cherry is currently the chair of the Canadian Accounting Standards Board. He will step down at the end of March 2009. In this position he has been at the forefront of Canadian work on IFRS convergence.

The SAC provides a forum for the IASB to consult a wide range of representatives of users and preparers of financial statements, financial analysts, auditors, regulators and professional accounting bodies that are affected by and interested in the IASB’s work.

OVERSIGHT Inspection deadline extended

The US Public Company Accounting Oversight Board has extended to 2009 the deadline for its inspection of 21 of the 52 non-US firms. The first inspection deadline had been 2008. The board has conducted or will conduct the other 31 of those inspections in 2008.

The board has also proposed to extend the current 2009 deadline for the first inspection of 50 non-US firms located in 24 jurisdictions where it has not previously conducted inspections. Under the proposal, the board would conduct those inspections over the period from 2009 to 2012 according to a schedule based on certain criteria.

The board is also seeking comment on possible courses of action in circumstances where it cannot complete an inspection because of a firm’s concern that doing so may violate local laws.

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