The International Auditing and Assurance Standards Board
(IAASB) of the International Federation of Accountants (IFAC) released
two exposure drafts (EDs) and a discussion paper intended to improve
the quality and consistency of audits. One ED, Clarifying
Professional Requirements in International Standards Issued by the
IAASB (
www.ifac.org/Guidance/EXD-Details.php?EDID=0033 ), addresses the
need to eliminate ambiguous language in the standards. Comments on it
and a related discussion paper— Improving the Clarity and
Structure of IAASB Standards and Related Considerations for Practice
Statements, which examines the need to change the IAASB’s
method of drafting standards—are due December 31, 2004. The other ED
proposes revisions to International Auditing Standard (ISA) 230,
Audit Documentation ( www.ifac.org/Guidance/EXD-Details
), that would, among other effects, clarify the form, content and
extent of such documentation. Comments on this ED and on related
amendments to other ISAs are due January 31, 2005.
IFAC commissioned a study, Challenges and Successes
in Implementing International Standards: Achieving Convergence to
IFRSs and ISAs (
www.ifac.org/Store/Details.tmpl?SID=10957196043618091 ), that
identifies important issues in adopting and using international
financial reporting standards (IFRSs) and international standards on
auditing (ISAs) and makes recommendations for facilitating convergence
to each.
