ISA Implementation Monitoring


ISA Implementation Monitoring

  • ISA Implementation Monitoring

    The IAASB has committed to developing a process for gathering information to help monitor the implementation of the clarified ISAs and ISQC 1.  The project is being undertaken in two phases:

    Phase One

    Pre-Implementation Monitoring

    Phase One of the project was to obtain pre-implementation information from a number of countries and firms about their experiences in introducing the clarified ISAs into their national standards or firm audit methodologies.

    Phase Two

    Post-Implementation Monitoring

    Phase Two of the project is a post-implementation review of the clarified ISAs, and is focused on whether the clarified (and certain other recently revised) standards are being consistently understood and implemented in a way that achieves the IAASB’s goals in revising and redrafting them.

    More detail on each phase, progress to date and communications are set out below.

    Phase One – Pre-Implementation Monitoring


    The objective of Phase One was to obtain an understanding about the experiences of those countries and firms implementing the clarified ISAs to help provide an early indication about whether:

    • There were any areas of difficulty regarding the use of the ISAs;

    • Whether there was a need for additional guidance; or

    • Whether other actions were needed to facilitate the successful implementation of those standards.


    Work undertaken in 2009 and 2010.


    Certain national auditing standard setters that were implementing the ISAs broadly in line with the IAASB’s effective date1 were asked to provide feedback on their experience of adopting and implementing the ISAs, including translation of the ISAs (where applicable).

    Certain audit firms were also approached to provide information to the IAASB about their experience of implementing the ISAs in their audit methodologies and in their audit training programs.

    1 The clarified ISAs became effective for audits of financial statements for periods beginning on or after December 15, 2009.

    Output and
    Further Actions

    A November 2010 report, Implementation of the Clarified International Standards on Auditing (ISAs), highlights key findings from this phase.

    IAASB Survey of Small and Medium Practices (SMPs)

    Some Phase One survey responses anticipated concerns about the use of the clarified ISAs for smaller audits, including audits of micro-entities. The IAASB recognized that it needs specific information on the extent and nature of any implementation difficulties on smaller audits, including information about areas that are perceived as having the greatest impact on being able to perform those audits cost-effectively.

    A survey for SMPs from a number of countries has been initiated that will cover two audit cycles. The results of this survey will be analyzed as part of Phase Two of the project.

    Phase Two – Post-Implementation Review

    The Phase Two Plan for a Post-Implementation Review of the Clarified International Standards on Auditing was approved by the IAASB in September 2011.


    The post-implementation review is focused on whether the clarified ISAs are being consistently understood and implemented in a manner that achieves the IAASB’s goals in revising and redrafting them.


    Information to be gathered in 2012, with findings expected to be presented at the June 2013 IAASB meeting.


    The IAASB will request specific feedback from certain stakeholder groups as follows:

    • Audit firms;

    • Public sector auditors;

    • Professional bodies (in relation to the SMP survey detailed above);

    • National auditing standard setters;

    • Audit inspection groups; and

    • Other stakeholders.

    A list of key areas of focus of particular interest to the IAASB can be found in Table 1 of the Plan. Notwithstanding that these are the focus of the review for stakeholders when providing feedback to the IAASB, this should not inhibit communications that stakeholders believe are relevant to the IAASB’s overall goal of developing high-quality auditing standards in the public interest.

    The ISAs subject to this review, which include the clarified ISAs and also other recently revised ISAs, can be found in Appendix 1 of the Plan.

    Output and Further Actions

    To be determined after discussion of the findings at the June 2013 IAASB meeting.

    While the initial information gathering phase has targeted certain audit firms and national auditing standard setters, the second phase will be targeted at a wider stakeholder group. The IAASB encourages, and would welcome, input from any parties who have relevant experience of adopting and implementing the clarified ISAs. If you would like to offer input from your experiences in the implementation of the clarified ISAs, then please contact IAASB staff member by October 31, 2012.

    For further information on this project, please visit the project history.

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