Support and Guidance

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Support and Guidance

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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 2014 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 June 30, 2014 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 Using the Clarified ISAs, or Committed to Using Them in the Near Future (103):

    Albania

    Finland

    Luxembourg

    Singapore

    Argentina

    France (CSOEC)

    Malawi

    Slovakia

    Armenia

    FYR Macedonia

    Malaysia

    Slovenia

    Australia

    Georgia

    Mali

    South Africa

    Austria

    Ghana

    Malta

    South Korea

    Bahamas

    Greece

    Mauritius

    Spain

    Bangladesh

    Guyana

    Mexico

    Sri Lanka

    Barbados

    Hong Kong

    Moldova

    Swaziland

    Belgium

    Hungary

    Mongolia

    Sweden

    Benin

    Iceland

    Montenegro

    Switzerland

    Bosnia and Herzegovina

    India

    Namibia

    Tanzania

    Botswana

    Indonesia

    Nepal

    Thailand

    Brazil

    Ireland

    Netherlands

    Togo

    Bulgaria

    Italy

    New Zealand

    Trinidad and Tobago

    Canada

    Jamaica

    Nigeria

    Tunisia

    Cayman Islands

    Japan

    Norway

    Turkey

    Chile

    Jordan

    Pakistan

    Uganda

    China

    Kazakhstan

    Palestine

    Ukraine

    Costa Rica

    Kenya

    Panama

    United Arab Emirates*

    Croatia

    Kosovo

    Philippines

    United Kingdom

    Cyprus

    Kuwait

    Puerto Rico**

    United States**

    Czech Republic

    Kyrgyz Republic 

    Romania

    Uruguay

    Denmark

    Latvia

    Rwanda

    Uzbekistan

    El Salvador

    Lebanon

    Senegal

    Vietnam

    Estonia

    Lesotho

    Serbia

    Zambia

     

    Lithuania

    Sierra Leone

    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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