The International Auditing and Assurance Standards Board said it is getting close to completing an 18-month project aimed at making audit standards more understandable.

The board operates under the auspices of the International Federation of Accountants. The IAASB Clarity Project has been reviewing the International Standards on Auditing and the International Standards on Quality Control, and expects to complete the review in December. It will submit the approved standards to the Public Interest Oversight Board in February.

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