IAASB Releases New Tools to Support Clarity ISA Implementation

NEW YORK--(Business Wire)--
To promote awareness and understanding of the newly clarified1 International
Standards on Auditing (ISAs), the International Auditing and Assurance Standards
Board (IAASB) released today a series of "ISA Modules" focusing on some of the
new and more significantly revised ISAs. Developed by IAASB staff, each of these
modules combines short video presentations and accompanying slides that explain
the key principles of, and major changes in, individual ISAs, including the
implications for audits of small- and medium-sized entities (SMEs).

"Promoting the adoption and successful implementation of ISAs is one of the
IAASB`s most important goals. These new tools will help us to move closer to
that goal by providing support to those responsible for adopting and
implementing the clarified ISAs, trainers, and auditors in applying them in
practice," explains Arnold Schilder, Chairman of the IAASB.

This new resource includes modules that provide an introduction to, and an
overview of, the clarified ISAs, including ISA 200, Overall Objectives of the
Independent Auditor and the Conduct of an Audit in Accordance with International
Standards on Auditing, and audit documentation and SME audit considerations.
Additional modules cover ISAs that address related parties, auditing accounting
estimates, including fair value estimates, communication with those charged with
governance, and communicating deficiencies in internal control.

"Now is the time to address the necessary aspects of implementation. This
includes developing or updating training programs and considering audit
methodology changes," emphasizes IAASB Technical Director James Gunn, adding,
"Successful implementation of the clarified ISAs will depend on being well
prepared when they come into effect."

The ISA Modules are available to download free of charge from the IAASB Clarity
Center on the IFAC website (web.ifac.org/clarity-center/support-and-guidance).
The IAASB encourages IFAC members, associates, regional accountancy bodies, and
firms to use these materials and to promote their availability to their members
and employees.

About the IAASB and IFAC

The IAASB develops auditing and assurance standards and guidance for use by all
professional accountants under a shared standard-setting process involving the
Public Interest Oversight Board, which oversees the activities of the IAASB, and
the IAASB Consultative Advisory Group, which provides public interest input into
the development of the standards and guidance.

IFAC (www.ifac.org) is the global organization for the accountancy profession
dedicated to serving the public interest by strengthening the profession and
contributing to the development of strong international economies. IFAC is
comprised of 157 members and associates in 123 countries and jurisdictions,
representing more than 2.5 million accountants in public practice, education,
government service, industry, and commerce.

1 The Clarity Project, completed by the IAASB in March 2009 resulted in the
issuance of 36 ISAs and one International Standard on Quality Control in a new
style that is easier to understand, translate, and implement. In some cases,
other major revisions to the content were made as well. The new set of clarified
ISAs goes into effect for audits of financial statements for periods beginning
on or after December 15, 2009. In practical terms, this means that they will be
effective for 2010 year end audits.

IFAC
Helene Kennedy, +1-973-394-9256
(Mobile) +1-917-254-6706
helenekennedy@ifac.org
or
Richard Sasanow, +1-212-471-8737
richardsasanow@ifac.org

Copyright Business Wire 2009