Highlights of Latest AUASB Meeting
The AUASB has issued the highlights of its latest meeting, held on 1 and 2 June 2009. As well as discussing the Clarity project, the Board discussed other current topics, including assurance for NGERS and the CPRS, comfort letter for fundraisings, privity letters and guidance for assurance matters pertaining to reporting by ADIs.
IOSCO Endorsement of Clarified ISAs
The International Organization of Securities Commissions (IOSCO) (of which ASIC is a member) has stated its endorsement of the new Clarity auditing standards (ISAs) issued by the IAASB, noting the important role "played by a set of international auditing standards in contributing to global financial reporting and supporting investor confidence and decision making". In Australia, the AUASB is issuing a new set of Clarity ASAs based on the Clarity ISAs. They are to be used for audits of financial statements for financial reporting periods commencing on or after 1 January 2010.
Auditing - Latest International Update
The AUASB has issued its latest international update describing recent significant news and activities of a number of auditing standard-setting bodies around the world.