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THE IAASB
Project has resulted in a new set of ‘clarified’ standards which are effective
The International Auditing and Assurance standards Board’s (IAASB) Clarity
clarity project
paper 8 (int and UK)
to make improvements which circumstances. Equally, complex firms in particular, and will aid
should result in the report issues could be under‑audited, international harmonisation
becoming more concise and if the requirements of an ISA of auditing practice. The next
more informative. However, the have been met and the auditor few years will see a change in
APB is proposing to adopt the is not compelled to perform auditing practice, to an approach
clarified ISAs 705 and 706, additional work. which encourages uniformity and
which deal with modifications to reduces the scope for deliberate
the auditor’s report, emphasis Practical considerations for under-auditing. Audit firms
of matter paragraphs and other audit firms should be beginning to plan
matter paragraphs. All audit firms must consider for their convergence to these
how they will be affected by the new standards.
introduction of the clarified ISAs.
Successful implementation of the Lisa Weaver is examiner for
clarified ISAs will need significant Paper P7
planning and monitoring by firms
of all size. Some of the practical
issues facing firms include: