Publications

Below is a list of recent IAASB publications. Visit IFAC's online bookstore for a complete list of IAASB and other IFAC publications.

2008 Pronouncements

ISA 200 (Revised and Redrafted), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, and related Conforming Amendments (October 2008)

This International Standard on Auditing (ISA) establishes the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with ISAs. Specifically, it sets out the overall objectives of the independent auditor, and explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives. It also explains the scope, authority and structure of the ISAs, and includes requirements establishing the general responsibilities of the independent auditor applicable in all audits, including the obligation to comply with the ISAs.

ISA 250 (Redrafted), Consideration of Laws and Regulations in an Audit of Financial Statements (July 2008)

This International Standard on Auditing (ISA) deals with the auditor’s responsibility to consider laws and regulations when performing an audit of financial statements.

ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit and ISA 450 (Revised and Redrafted), Evaluation of Misstatements Identified during the Audit, and related Conforming Amendments (October 2008)

ISA 320 (Revised and Redrafted) deals with the auditor’s responsibility to apply the concept of materiality in planning and performing an audit of financial statements. ISA 450 (Revised and Redrafted) deals with the auditor’s responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements.

ISA 510 (Redrafted), Initial Audit Engagements—Opening Balances (July 2008)

This International Standard on Auditing (ISA) deals with the auditor’s responsibilities relating to opening balances when conducting an initial audit engagement. In addition to financial statement amounts, opening balances include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments.

ISA 530 (Redrafted), Audit Sampling (October 2008)

This International Standard on Auditing (ISA) applies when the auditor has decided to use audit sampling in performing audit procedures. It deals with the auditor’s use of statistical and non-statistical sampling when designing and selecting the audit sample, performing tests of controls and tests of details, and evaluating the results from the sample.

ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, and related Conforming Amendments (February 2008)

This International Standard on Auditing (ISA) deals with the auditor's responsibilities regarding accounting estimates, including fair value accounting estimates, and related disclosures in an audit of financial statements. Specifically, it expands on how ISA 315 (Redrafted), Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment, ISA 330 (Redrafted), The Auditor's Responses to Assessed Risks, and other relevant ISAs are to be applied in relation to accounting estimates. It also includes requirements and guidance on misstatements of individual accounting estimates, and indicators of possible management bias.

ISA 550 (Revised and Redrafted), Related Parties, and related Conforming Amendments (July 2008)

This International Standard on Auditing (ISA) deals with the auditor’s responsibilities regarding related party relationships and transactions when performing an audit of financial statements.

ISA 560 (Redrafted), Subsequent Events (April 2008)

This International Standard on Auditing (ISA) deals with the auditor's responsibility relating to subsequent events in an audit of financial statements.

ISA 570 (Redrafted), Going Concern (July 2008)

This International Standard on Auditing (ISA) deals with the auditor’s responsibility in the audit of financial statements with respect to management’s use of the going concern assumption in the preparation and presentation of the financial statements.

ISA 580 (Revised and Redrafted), Written Representations (April 2008)

This ISA deals with the auditor's responsibility to obtain written representations from management and, where appropriate, those charged with governance.

ISA 610 (Redrafted), Using the Work of Internal Auditors, and related Conforming Amendments (October 2008)

This International Standard on Auditing (ISA) deals with the external auditor’s responsibilities regarding the work of internal auditors when the external auditor has determined, in accordance with ISA 315 (Redrafted), Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment, that the internal audit function is likely to be relevant to the audit.

ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor’s Report (October 2008)

This International Standard on Auditing (ISA) deals with the auditor’s responsibility to issue an appropriate report in circumstances when, in forming an opinion in accordance with ISA 700 (Redrafted), Forming an Opinion and Reporting on the Financial Statements, the auditor concludes that a modification to the auditor’s opinion on the financial statements is necessary.

ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report  (October 2008)

This International Standard on Auditing (ISA) deals with additional communication in the auditor’s report when the auditor considers it necessary to: (a) draw users’ attention to a matter or matters presented or disclosed in the financial statements that are of such importance that they are fundamental to users’ understanding of the financial statements; or (b) draw users’ attention to any matter or matters other than those presented or disclosed in the financial statements that are relevant to users’ understanding of the audit, the auditor’s responsibilities or the auditor’s report.

Amendments to ISREs 2400 and 2410 (January 2008)

The amendments to the International Standards on Review Engagements (ISREs) clarify to which engagements each ISRE respectively is to be applied.

2008 Handbook

2008 Handbook of International Auditing, Assurance, and Ethics Pronouncements
(Includes all final pronouncements of the IAASB as of January 1, 2008, including the first nine International Standards on Auditing redrafted following the IAASB's clarity drafting conventions.)

Policy Positions

Modifications to International Standards of the International Auditing and Assurance Standards Board (IAASB) - A Guide for National Standard Setters that Adopt the IAASB's International Standards but Find It Necessary to Make Limited Modifications (July 2006)
The objective of this paper is to set out the policy of the IAASB on the question: What modifications may a national standard setter that adopts the International Standards promulgated by the IAASB as its national standards make to the International Standards while still asserting that the resulting national standards conform to the International Standards?

Consultation Papers

Matters to Consider in a Revision of International Standard on Review Engagements (ISRE) 2400, Engagements to Review Financial Standards (September 2008)
This consultation paper, commissioned by the IAASB, was developed by staff of the Professional Standards Board (New Zealand), Auditing and Assurance Standards Board (Canada) and Independent Regulatory Board for Auditors (South Africa) to obtain views on a number of significant matters that require consideration in relation to the IAASB's planned revision of ISRE 2400. The comment date is December 15, 2008.

Basis for Conclusion

The Basis for Conclusions provides background to a project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.

Basis for Conclusions: ISA 200 (Revised and Redrafted), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (Issued October 2008)

Basis for Conclusions: ISA 230 (Redrafted), Audit Documentation (Issued December 2007)

Basis for Conclusions: ISA 230, Audit Documentation (Issued October 2005)

Basis for Conclusions: ISA 250 (Redrafted), Consideration of Laws and Regulations in an Audit of Financial Statements (Issued July 2008)

Basis for Conclusions: ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance (Issued December 2007)

Basis for Conclusions: Close Off Document of ISA 260 (Revised), Communication with Those Charged with Governance (Issued October 2006)

Basis for Conclusions: ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit and ISA 450 (Revised and Redrafted), Evaluation of Misstatements Identified during the Audit (Issued October 2008)

Basis for Conclusions: Close Off Documents of ISA 320 (Revised), Materiality in Planning and Performing an Audit and ISA 450 (Revised), Evaluation of Misstatements Identified during the Audit (Issued May 2006)

Basis for Conclusions: ISA 510 (Redrafted), Initial Audit Engagements-Opening Balances (Issued July 2008)

Basis for Conclusions: ISA 530 (Redrafted), Audit Sampling (Issued October 2008)

Basis for Conclusions: ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Disclosures (Issued February 2008)

Basis for Conclusions: Close Off Document of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures (Other than those Involving Fair Value Measurements and Disclosures) (Issued December 2006)

Basis for Conclusions: ISA 550 (Revised and Redrafted), Related Parties (Issued July 2008)

Basis for Conclusions: ISA 560 (Redrafted), Subsequent Events (Issued April 2008)

Basis for Conclusions: ISA 570 (Redrafted), Going Concern (Issued July 2008)

Basis for Conclusions: ISA 580 (Revised and Redrafted), Written Representations (Issued April 2008)

Basis for Conclusions: ISA 600 (Revised and Redrafted), Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) (Issued October 2007)

Basis for Conclusions: ISA 610 (Redrafted), Using the Work of Internal Auditors (Issued October 2008)

Basis for Conclusions: ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor’s Report (Issued October 2008)

Basis for Conclusions: ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Issued October 2008)

Basis for Conclusions: Close Off Documents of ISA 705 (Revised), Modifications to the Opinion in the Independent Auditor's Report and ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report (Issued July 2007)

Basis for Conclusions: ISA 720 (Redrafted), The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements (Issued December 2007)

Basis for Conclusions: Close Off Document of ISA 800 (Revised), Special Considerations - Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (Issued July 2007)

Basis for Conclusions: Close Off Document of ISA 805 (Revised), Engagements to Report on Summary Financial Statements (Issued July 2007)

Basis for Conclusions: Clarity (Issued December 2006)