Remember!  As an auditor conducting audits in accordance with with Australian Auditing Standards, you will need to conform to "revised and redrafted" Clarity standards from 1 January 2010.  The AUASB is revising and redrafting its standards to conform with the standards issued by the IAASB.....and the IAASB has announced that its Clarity project is nearing completion.

In its latest project update,  the IAASB said that it expects to complete its 18-month Clarity project in December 2008. 

It would certainly be a great idea for all members in the audit space to download and read a copy of this update.  The update:

• notes that "a significant number of the clarified ISAs include, as a result of their revision, substantive new requirements that aim to improve practice in a variety of respects" [The same will be true for the Australian standards!]; and
• urges immediate consideration of implementation issues.

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Posted by Gary Pflugrath on 24 October 2008 13:33:00 #