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ISA Implementation Support Module

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Presentation on theme: "ISA Implementation Support Module"— Presentation transcript:

1 ISA Implementation Support Module
Introduction ISA Implementation Support Module Prepared by IAASB Staff October 2009

2 International Auditing and Assurance Standards Board (IAASB)
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 2

3 The Clarity Project 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 3

4 The Clarified ISAs Effective for audits of financial statements for periods beginning on or after December 15, 2009 Downloadable from Clarity Center on IAASB website: Take action at earliest opportunity to prepare for effective implementation Significant changes to practice in many areas Training and education Methodology and systems changes Discuss potential impact with clients 4

5 IAASB Support for Implementation
A commitment in IAASB’s strategy Specific initiative approved by IAASB in December 2008: ISA Modules Developed by IAASB staff Intended to raise awareness and enhance understanding of clarified ISAs Focus mainly on revised and redrafted ISAs Not intended to provide new implementation guidance 5

6 ISA Modules 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 6

7 International Federation of Accountants
Copyright © October 2009 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: “Copyright © October 2009 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact for permission to reproduce, store, or transmit this work.” Otherwise, written permission from IFAC is required to reproduce, store, or transmit, or to make other similar uses of, this work, except as permitted by law. Contact ISBN:

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