Forum of Firms Welcomes Completion of IAASB Clarity Project

NEW YORK- Members of the Forum of Firms (FoF) are pleased to note the completion of the International Auditing and Assurance Standards Boards (IAASB) Clarity Project and are encouraging their members to plan now for the timely implementation of the revised International Standards on Auditing (ISAs).

"This is one of the most significant projects in the history of the IAASB. Completion of this project will result in many improvements to the ISAs and significantly advance global convergence of auditing standards," states Forum of Firms Chair David Maxwell.

The IAASB Clarity Project involves a comprehensive review of all ISAs and International Standards on Quality Control to improve their clarity and thereby their consistent application.

During the process, a number of standards, including those dealing with group audits, related parties, external confirmations, audit of accounting estimates, and the use of experts were also significantly revised in order to enhance audit quality in these key areas.

Thirty-six standards in all were revised or restated. The due process surrounding their development and approval has been reviewed and endorsed by the Public Interest Oversight Board, an independent body established by the international financial regulatory community. All 36 clarified ISAs come into effect for audits of financial statements for periods beginning on or after December 15, 2009.
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.

For more information, please visit the following website: www.ifac.org