The International Auditing and Assurance Standards Board has completed a project aimed at updating and clearing up ambiguities in auditing standards.
The IAASB, which operates under the auspices of the International Federation of Accountants, has finished its Clarity Project, with the release of its final seven International Standards on Auditing. In all, auditors worldwide will now have access to 36 newly updated and clarified international standards on auditing, along with a clarified international standard on quality control.
“This is one of the most significant projects in the history of the IAASB,” said IFAC Forum of Firms chairman and Grant Thornton UK partner David Maxwell (pictured) in a statement. “Completion of this project will result in many improvements to the ISAs and significantly advance global convergence of auditing standards. We congratulate the board on its sustained efforts over the past two years to get the project completed on a timely basis.”
The standards are all available in a new Clarity Center on the IAASB Web site. The clarified standards are effective for audits of financial statements for periods beginning on or after Dec. 15, 2009.
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