Publications

Below is a list of recent IAASB publications. Visit IFAC's online bookstore for a complete list of IAASB and other IFAC publications.

2009 Pronouncements

Although the IAASB has recently released the standards below following the Public Interest Oversight Board's (PIOB) approval of due process, a consistency review of all standards, in connection with the IAASB's December 2008 meeting, resulted in changes to these documents.

The final versions of these and the remaining clarified standards, which can be found on the Clarified Standards page, detail in marked text the changes resulting from the review. Those translating the standards should use the marked text versions as a basis for translation. A final clean version of the individual standards will be available in the 2009 Handbook to be released in April 2009, and will be made available in the bookstore at that time.

ISA 210, Agreeing the Terms of Audit Engagements (March 2009)

This ISA deals with the auditor's responsibilities in agreeing the terms of the audit engagement with management and, where appropriate, those charged with governance. This includes establishing that certain preconditions for an audit, responsibility for which rests with management and, where appropriate, those charged with governance, are present. ISA 220 deals with those aspects of engagement acceptance that are within the control of the auditor.

ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management (March 2009)

This ISA deals with the auditor's responsibility to communicate appropriately to those charged with governance and management deficiencies in internal control that the auditor has identified in an audit of financial statements. This ISA does not impose additional responsibilities on the auditor regarding obtaining an understanding of internal control and designing and performing tests of controls over and above the requirements of ISA 315 and ISA 330. ISA 260 establishes further requirements and provides guidance regarding the auditor's responsibility to communicate with those charged with governance in relation to the audit.

ISA 402, Audit Considerations Relating to an Entity Using a Service Organization (March 2009)

This ISA deals with the user auditor's responsibility to obtain sufficient appropriate audit evidence when a user entity uses the services of one or more service organizations. Specifically, it expands on how the user auditor applies ISA 315 (Redrafted) and ISA 330 (Redrafted) in obtaining an understanding of the user entity, including internal control relevant to the audit, sufficient to identify and assess the risks of material misstatement and in designing and performing further audit procedures responsive to those risks.

ISA 700, Forming an Opinion and Reporting on Financial Statements (March 2009)

This ISA deals with the auditor's responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor's report issued as a result of an audit of financial statements.

ISA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks (March 2009)

The ISAs in the 100-700 series apply to an audit of financial statements. This ISA deals with special considerations in the application of those ISAs to an audit of financial statements prepared in accordance with a special purpose framework.

ISA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (March 2009)

The ISAs in the 100-700 series apply to an audit of financial statements and are to be adapted as necessary in the circumstances when applied to audits of other historical financial information. This ISA deals with special considerations in the application of those ISAs to an audit of a single financial statement or of a specific element, account or item of a financial statement. The single financial statement or the specific element, account or item of a financial statement may be prepared in accordance with a general or special purpose framework. If prepared in accordance with a special purpose framework, ISA 800 also applies to the audit.

ISA 810, Engagements to Report on Summary Financial Statements (March 2009)

This ISA deals with the auditor's responsibilities relating to an engagement to report on summary financial statements derived from financial statements audited in accordance with ISAs by that same auditor.

Amendments to ISREs 2400 and 2410 (January 2008)

The amendments to the International Standards on Review Engagements (ISREs) clarify to which engagements each ISRE respectively is to be applied.

2008 Handbook

2008 Handbook of International Auditing, Assurance, and Ethics Pronouncements
Part I of the Handbook Includes all final pronouncements of the IAASB as of January 1, 2008, and will remain in effect for 2009. Part II of the 2008 edition of the hand­book, which features nine redrafted Inter­national Standards on Auditing (ISAs) and background information on the IAASB's Clarity Project, will be withdrawn when the 2009 Handbook of International Standards on Auditing and Quality Control is released by IFAC in April 2009.

Policy Positions

Modifications to International Standards of the International Auditing and Assurance Standards Board (IAASB) - A Guide for National Standard Setters that Adopt the IAASB's International Standards but Find It Necessary to Make Limited Modifications (July 2006)
The objective of this paper is to set out the policy of the IAASB on the question: What modifications may a national standard setter that adopts the International Standards promulgated by the IAASB as its national standards make to the International Standards while still asserting that the resulting national standards conform to the International Standards?

The Strategy and Work Program, 2009-2011 sets the direction and priorities for the activities of the IAASB for the three year period from January 2009 to December 2011. They are set within the context of the overall strategy of IFAC and the stated objective and strategic initiatives of the IAASB set out in its terms of reference.

A summary of the IAASB’s conclusions with regard to significant matters raised during the development of the strategy is presented in the Basis for Conclusions: IAASB Strategy and Work Program, 2009-2011.

Basis for Conclusion

The Basis for Conclusions provides background to a project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard. The Basis for Conclusions for the clarified standards can be found on the clarified standards page in the Clarity Center. Those set forth below describe the substantive revisions to the standards that had approved by the IAASB before those standards were redrafted.

Basis for Conclusions: ISA 230, Audit Documentation (Issued October 2005)

Basis for Conclusions: Close Off Document of ISA 260 (Revised), Communication with Those Charged with Governance (Issued October 2006)

Basis for Conclusions: Close Off Documents of ISA 320 (Revised), Materiality in Planning and Performing an Audit and ISA 450 (Revised), Evaluation of Misstatements Identified during the Audit (Issued May 2006)

Basis for Conclusions: Close Off Document of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures (Other than those Involving Fair Value Measurements and Disclosures) (Issued December 2006)

Basis for Conclusions: Close Off Documents of ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report and ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report (Issued July 2007)

Basis for Conclusions: Close Off Document of ISA 800 (Revised), Special Considerations - Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (Issued July 2007)

Basis for Conclusions: Close Off Document of ISA 805 (Revised), Engagements to Report on Summary Financial Statements (Issued July 2007)

Basis for Conclusions: Clarity (Issued December 2006)

IAASB Communications

April 2007/02

The IAASB has issued advice to auditors that reports for special purpose audit engagements can, with appropriate amendments, be issued in the form of an illustrative report as set out in ISA 700, The Independent Auditors Report on a Complete Set of General Purpose Financial Statements.