Support and Guidance

iaasb

Support and Guidance

iaasb
iaasb
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    Implementation of the Clarified Standards

    The clarified standards will introduce significant changes to audits. Both users of the current suite of ISAs and ISQC 1, and users of national standards based on these, will be affected, in addition to jurisdictions planning adoption of the new standards.

    The level of effort that is needed for successful implementation should not be underestimated. It is, therefore, particularly important to take action at the earliest opportunity to deal with all aspects of implementation. This includes education, continuing professional development courses, and appropriate adjustments to current audit programs and procedures. Successful implementation of the clarified standards will depend upon the level of preparation when the new standards come into effect.

    For an overview and guide to the resources that have been developed to support implementation of the clarified ISAs, click here.

    Momentum of Adoption and Implementation Efforts

    Some may find it helpful in their adoption and implementation efforts to understand adoption and implementation efforts in other jurisdictions. For this purpose, the following table identifies countries that use the clarified standards, or indicated that the clarified standards will be used in 2013 and beyond. The Basis for ISA Adoption by Jurisdiction chart, prepared by the IFAC Member Body Compliance Program, illustrates ISA adoption approaches that may be taken by these jurisdictions.

    This table has been compiled as of May 17, 2013 from publicly available information about adoption status in different jurisdictions, and from information provided to IFAC Staff by national auditing standards setters. It is included for illustrative purposes only and may not be complete or up-to-date. Jurisdictionss that have adopted or plan to adopt the clarified standards who are not listed on this table are encouraged to inform IFAC of their adoption and implementation plans, including the timing of such plans, by emailing clarifiedISAs@ifac.org.


    Jurisdictions That Use the Clarified Standards, or Indicated that the Clarified Standards Will Be Used in 2013 and Beyond (90)

    Albania

    Finland

    Luxembourg

    Slovakia

    Agentina

    France (CSOEC)

    Malawi

    Slovenia

    Armenia

    Georgia

    Malaysia

    South Africa

    Australia

    Ghana

    Malta

    South Korea

    Bahamas

    Greece

    Mauritius

    Spain

    Bangladesh

    Guyana

    Mexico

    Sri Lanka

    Barbados

    Hong Kong

    Moldova

    Swaziland

    Belgium

    Hungary

    Mongolia

    Sweden

    Botswana

    Iceland

    Namibia

    Switzerland

    Brazil

    India

    Nepal

    Tanzania

    Bulgaria

    Indonesia

    Netherlands

    Thailand

    Canada

    Ireland

    New Zealand

    Trinidad and Tobago

    Cayman Islands

    Italy

    Norway

    Tunisia

    Chile

    Jamaica

    Pakistan

    Turkey

    China

    Japan

    Panama

    Uganda

    Costa Rica

    Kazakhstan

    Philippines

    Ukraine

    Croatia

    Kenya

    Puerto Rico**

    United Arab Emirates*

    Cyprus

    Kosovo

    Romania

    United Kingdom

    Czech Republic

    Kyrgyz Republic  

    Rwanda

    United States**

    Denmark

    Latvia

    Serbia

    Uruguay

    El Salvador

    Lebanon

    Sierra Leone

    Uzbekistan

    Estonia

    Lesotho

    Singapore

    Zambia

     

    Lithuania

     

    Zimbabwe

     * Abu Dhabi and Dubai 

    ** Private Companies

    Updates

    In October 2008, the staff of the IAASB issued a Clarity Project Update, which encourages all those with responsibilities relating to audits of financial statements to consider implementation issues as soon as practicable. It provides general considerations that may be relevant to:

    • National standards setters, legislators, and others involved in setting standards;
    • Regulators and oversight bodies;
    • IFAC member bodies; and
    • Accounting firms and audit practitioners

    Staff Questions and Answers

    In August 2009, the staff of the IAASB released a Questions & Answers publication, Applying ISAs Proportionately with the Size and Complexity of an Entity, to highlight how the design of the ISAs issued under the Clarity Project enables them to be applied in a manner proportionate with the size and complexity of an entity. The publication is relevant in the context of any audit, but will be of particular help to those who audit, or oversee the audits of, small- and medium-sized entities.

     

    ISA Modules

    IAASB staff has developed a series of ISA Modules focusing on some of the new and more significantly revised ISAs. 

    Each module consists of a short video and slides that explain the key principles of, and major changes in, individual ISAs. This non-authoritative material is designed to be of assistance to auditors in the field, trainers, and those responsible for promoting adoption and implementation of the clarified ISAs.

    Videos and slide presentations are available for the titles listed below:

    ISA Modules Issued in 2010


    ISA Modules Issued in 2009


    Permissions and Translations

    For requests regarding translations of the videos, slides or supporting notes, or for transcripts of the videos for translation purposes, please email permissions@ifac.org

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