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.