New York (July 14, 2004) -- The International Auditing and Assurance Standards Board of the International Federation of Accountants has released ISA 300 -- a revised standard that requires auditors to be more thorough in planning their audits.
The revised ISA 300, Planning an Audit of Financial Statements, enhances the audit risk standards that the IAASB issued last year, and requires that the auditor plan the audit so that the engagement will be performed in “an effective manner.”
ISA 300 emphasizes that audit planning is a continual process and thus, unexpected events, changes in conditions or other circumstances may result in an auditor re-evaluating the planned audit procedures.
The standard, effective for audits of financial statements for periods beginning on or after Dec. 15, 2004, requires that the auditor establish an overall strategy for the audit that sets the scope, timing and direction of the audit.
Currently, the IFAC membership consists of 156 professional accountancy bodies in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce.
-- WebCPA staff
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