Effective Date for IAASB's Clarified International Standards on Auditing

All clarified ISAs will be effective for audits of financial statements for periods beginning on or after December 15, 2009. This publication provides the rationale for determining the effective date, a link to the timetable for the project, and important considerations regarding implementation.

The effective date balances the need for those using the standards to have sufficient time to translate and implement them, with the desire that users of financial statements should benefit from them as soon as possible.

The IAASB has agreed, subject to any unforeseen circumstances, not to issue any additional auditing standards that would become effective in the next two years. This responds to requests the IAASB has received from stakeholders for a period of stability in the standards, as jurisdictions focus on the task of implementing the clarified ISAs and redrafted ISQC 1.

Effective Date for IAASB's Clarified International Standards on Auditing (PDF | 113K)

Related Resources

• 2013 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
• At a Glance: A Framework for Audit Quality
• At a Glance: ISRE 2400 (Revised): Engagements to Review Historical Financial Statements
• At a Glance: International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements
• Staff Questions & Answers - Applying ISQC 1 Proportionately with the Nature and Size of a Firm