IAASB’s Annual Report Focuses on the Clarity Standards as a Foundation for Global Audit Quality

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    Mar 16, 2009
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    IAASB’s Annual Report Focuses on the Clarity Standards as a Foundation for Global Audit Quality

    The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today issued its 2008 annual report that highlights the culmination of the Clarity Project. With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The annual report also details the IAASB's strategy and future direction as it continues to promote the adoption of International Standards on Auditing (ISAs) and develops new standards in response to extensive public consultation undertaken during 2007 and 2008 with key stakeholders.The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today issued its 2008 annual report that highlights the culmination of the Clarity Project. With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The annual report also details the IAASB's strategy and future direction as it continues to promote the adoption of International Standards on Auditing (ISAs) and develops new standards in response to extensive public consultation undertaken during 2007 and 2008 with key stakeholders.

    In the report, former Chairman John Kellas describes the significance of the completion of the Clarity Project and outlines the IAASB strategy and work program. Covering the period from 2009-2011, the strategy and work program responds to significant developments in the environment in which audit and other assurance services are performed, and in which standards for such services are set. In addition, a report from David Damant, Chairman of the IAASB Consultative Advisory Group, draws attention to the work of the advisory group in providing advice to the IAASB on its work program, technical projects, and other matters of relevance.

    Jim Sylph, Executive Director, Professional Standards, remarked, "Now that the IAASB has completed the Clarity Project, there are a number of initiatives already underway that will grow in importance during 2009, such as the development of an alternative assurance standard for those entities that do not require an audit. In addition, new initiatives that are vital to the successful implementation of the clarified ISAs have been added to the IAASB's agenda, including the development of a process to assess the effectiveness of our standards."

    Readers of the IAASB annual report are encouraged to visit the new Clarity Center on the IAASB website (http://web.ifac.org/clarity-center/index) for more information on the Clarity Project and the full suite of standards that will come into effect for audits of financial statements for periods beginning on or after December 15, 2009.

    About the IAASB and IFAC
    The objective of the IAASB, an independent standard-setting board within IFAC, is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB, and, as one element of that oversight, establishes the criteria for its due process and working procedures.

    IFAC (www.ifac.org/) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets ethics, education, and public sector accounting standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

     

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