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This publication was prepared by the International Federation of Accountants (IFAC). Its mission is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to highquality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. This publication may be downloaded free-of-charge from the IFAC website http://www.ifac.org. The approved text is published in the English language. IFAC welcomes any comments you may have regarding this handbook.Comments may be sent to the address above or emailed to [email protected].
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HANDBOOK OF INTERNATIONAL AUDITING, ASSURANCE, AND ETHICS PRONOUNCEMENTS 2008 EDITION PART II Scope of Part II of the Handbook
Part II of the handbook contains background information on the project of the International Auditing and Assurance Standards Board (IAASB) to improve the clarity of its pronouncements (Clarity project), an amended Preface to theInternational Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, and the International Standards on Auditing that have been redrafted in accordance with the clarity conventions. Part I of the handbook contains background information on the International Federation of Accountants (IFAC) and the currently effective pronouncements on ethics, quality control, auditing,review, other assurance, and related services issued by IFAC as of January 1, 2008.
How Part II of the Handbook is Arranged
The contents of Part II of the handbook are arranged by section as follows: Background Information on the Clarity Project of the International Auditing and Assurance Standards Board ……………………………………………………. Preface to the InternationalStandards on Quality Control, Auditing, Review, Other Assurance and Related Services (December 2006) …………………. Glossary of Terms ……………………………………………………………………………… Redrafted and Revised and Redrafted International Standards on Auditing .. 1 5 12 16
BACKGROUND INFORMATION ON THE CLARITY PROJECT OF THE INTERNATIONAL AUDITINGAND ASSURANCE STANDARDS BOARD Clarity and High Quality International Standards
CLARITY PROJECT In serving the public interest, the International Auditing and Assurance Standards Board (IAASB) sets high quality international auditing and other assurance standards. The IAASB recognizes that standards need to be understandable, clear and capable of consistent application. These aspects of clarityserve to enhance the quality and uniformity of practice worldwide. In seeking to improve its standards, in 2003 the IAASB reviewed the drafting conventions used in its International Standards. The objective of the review was to identify ways to improve the clarity, and thereby the consistent application, of International Standards on Auditing (ISAs). In 2004, the IAASB began a comprehensive…
