International Auditing and Assurance Standards Board Introduction ISA Implementation Support Module Prepared by IAASB Staff (edited) October 2009

The international body that sets International Standards on Auditing (ISAs) – Operates under the auspices of the International Federation of Accountants (IFAC) – Standards set independently under IAASB’s own authority – Subject to Public Interest Oversight Board (PIOB) oversight Mission: To serve the public interest by – Setting high-quality auditing, review, other assurance, related services, and quality control standards and – Facilitating convergence to IAASB standards International Auditing and Assurance Standards Board (IAASB) 2

Project completed March 2009 – All 36 ISAs (one new, 19 redrafted, and 16 revised and redrafted) in new Clarity format Major improvements from Clarity format – Clear statement of objective in each ISA, supported by requirements – Each requirement introduced by the phrase “the auditor shall” – Improved readability and understandability from new structure and additional drafting enhancements – Considerations specific to small- and medium-sized entities and public sector entities highlighted in application material The Clarity Project 3

Each module consists of two separate components – A short video presentation that provides context for the new ISA, explains the key principles and main changes, and highlights important implementation considerations – A set of slides and supporting notes that cover the provisions of the ISA in more detail Modules are available for download free of charge in the Clarity Center on the IAASB website Slides can be tailored for local purposes IAASB encourages reproduction and translation ISA Modules 4