International


INTERNATIONAL
The International Auditing and Assurance Standards Board (IAASB) released eight exposure drafts as part of its effort to enhance the clarity of its International Standards on Auditing.

The EDs follow, with comment deadlines in parentheses:

ISA 530 (Redrafted), Audit Sampling (Oct. 31).
ISA 510 (Redrafted), Initial Audit Engagements—Opening Balances (Oct. 31).
ISA 805 (Revised and Redrafted), Engagements to Report on Summary Financial Statements (Nov. 30).
ISA 800, (Revised and Redrafted), Special Considerations—Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement (Nov. 30).
ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor’s Report (Nov. 30).
ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor’s Report (Nov. 30).
ISA 700 (Redrafted), The Independent Auditor’s Report on General Purpose Financial Statements (Nov. 30).
ISA 220 (Redrafted), Quality Control for an Audit of Financial Statements, and ISQC 1 (Redrafted), Quality Control for Firms That Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements (Dec. 31).

The complete set of redrafted ISAs is expected to be effective for audits of financial statements for periods beginning on or after Dec. 15, 2008. The drafts are available at www.ifac.org/IAASB/ExposureDrafts.php.

The Institute of Chartered Accountants of India voted to fully converge its accounting standards for public companies with International Financial Reporting Standards (IFRS). Listed entities and other public interest entities such as banks and insurance companies will adopt IFRS for accounting periods beginning on or after April 1, 2011. For more information, visit www.icai.org or www.iasb.org.

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