Communication With Those Charged With Governance - Completed
Objective(s) of project
The objective of this project was to revise ISA 260, Communication of Audit Matters with Those Charged with Governance. The IAASB approved ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance in September 2007. The ISA was published in December 2007 after the Public Interest Oversight Board has confirmed that due process was followed in its development. The ISA is effective for audits of financial statements for periods beginning on or after December 15, 2009.
A Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAASB's conclusions regarding these comments in developing the final standard.
In March 2005, the IAASB issued an exposure draft of proposed ISA 260 (Revised), The Auditor's
Communication with Those Charged with Governance.
The IAASB gave due consideration to the comments received on the proposed ISA. The basis for the IAASB's conclusions is explained in the Basis for Conclusions: Close Off Document - ISA 260 (Revised), Communication with Those Charged with Governance.
The IAASB approved the close off document of ISA 260 (Revised) (i.e., following the IAASB's current drafting conventions) in May 2006. That document incorporates the changes based on the comments received on the March 2005 exposure draft.
In November 2006, the IAASB approved an exposure draft of proposed ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance, which was redrafted in accordance with the clarity drafting conventions agreed by the IAASB to be applied to all ISAs.
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