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Please note: This item is from our archives and was published in 2006. It is provided for historical reference. The content may be out of date and links may no longer function.

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The International Federation of Accountants (IFAC) issued an invitation to comment on a proposed revision of its constitution ( http://ifac.org/downloads/ifac_constitution_draft.pdf ). If approved, the proposal also would create bylaws and a policies and procedures manual. Comments are due February 1, 2006.

IFAC’s International Auditing and Assurance Standards Board (IAASB) issued five EDs in a new style whose conventions it will use to improve clarity when it drafts international standards on auditing (ISAs) and other subjects ( www.ifac.org/Guidance/EXD-Details.php?EDID=0051 ). Four of the EDs are redrafts of previously issued Standard nos. 240, The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements; 300, Planning an Audit of Financial Statements; 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement and 330, The Auditor’s Procedures in Response to Assessed Risks. The fifth is Proposed Amendments to the Preface to the International Standards on Quality Control, Auditing, Assurance and Related Services. Comments are due February 28, 2006.

Meanwhile, the IAASB deferred the effective date of recently amended requirements to ISAs 200, Objective and General Principles Governing an Audit of Financial Statements, and 210, Terms of Audit Engagements ( www.ifac.org/News/LastestReleases.tmpl?NID=1131121263723240 ), which relate to the auditor’s consideration of whether the financial reporting framework that is applied in preparing the financial statements would be acceptable.

The International Accounting Standards Board (IASB) published a discussion paper, “Management Commentary,” that assesses the role the board could play in improving the quality of such observations accompanying the financial statements in companies’ annual reports ( www.iasb.org ). Comments are due April 28, 2006.