Obtaining timely feedback from stakeholders
and a robust implementation plan are key to ensuring high quality
ISAs, according to a progress report by the International Auditing
and Assurance Standards Board (IAASB)
The report titled Implementation of the
Clarified International Standards on Auditing highlights the
first phase of the IAASB’s initiative to develop a process for
gathering information to help it evaluate the effective and
consistent implementation of the clarified ISAs.
According to the report the courtiers surveyed
were advanced in their implementation and nearly all have said
preparing a robust plan is key to the successful implementation of
clarified ISAs.
“With extensive implementation efforts
now underway around the world, it is important for the IAASB to
obtain timely feedback on the clarified ISAs from a variety of key
stakeholders,” Chairman of the IAASB, Arnold Schilder, said
The IAASB has also released a second series of
ISA modules that focus on some of the new and more significantly
revised ISAs. The new ISAs address materiality in planning and
performing an audit of financial statements, the evaluation of
identified misstatements, written representations, using the work
of an auditor’s expert, and auditor reporting.
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