The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking candidates for the position of IAASB Chair for a three-year term commencing January 1, 2009. The chair is appointed by the IFAC Board with the approval of the Public Interest Oversight Board (PIOB)*.

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in financial reporting and auditing. The chair provides leadership in the fulfillment of these objectives.

One of the primary responsibilities of the chair is to promote and develop a greater understanding of the IAASB’s strategy and objectives with key stakeholders. The chair provides leadership in the implementation of the IAASB’s strategy, including promoting its International Standards on Auditing as a global benchmark for audit quality, and in the development of international standards. He or she chairs meetings of the IAASB and proactively leads debate and seeks consensus from among its members. The chair is also responsible for establishing and maintaining effective and constructive relationships with key stakeholders, including international and national standard setters and regulators. In addition, the chair serves as the IAASB’s primary spokesperson and primary liaison with the IFAC Board, other boards and committees of IFAC, and the PIOB.

The successful candidate should have significant senior-level experience and be well recognized within the accountancy profession. Strong leadership and effective communication and strategic skill, as well as technical and professional competence are also required. The chair must possess the highest integrity, be dedicated to protecting the public interest, and be committed to the IAASB’s mission.

Candidates should submit their résumé (CV) via email. All submissions must be received by February 15, 2008. For further details on the role of the IAASB Chair and the selection process, see the Call for Nominations/Applications on the IFAC website. Further information about IAASB may be obtained from its website: http://www.iaasb.org.

About IFAC
Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Note to Editors:
The Public Interest Oversight Board (PIOB) was established in February 2005 to oversee IFAC’s auditing and assurance, ethics, and education standard-setting activities, as well as the IFAC Member Body Compliance Program. The PIOB oversees the activities of the IAASB and, as one element of that oversight, approves its membership (including the chair), its due process and its working procedures. The PIOB website address is http://www.ipiob.org.

At its most recent meeting in Madrid, Spain in September, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), approved two sets of new proposals. The first exposure draft addresses concerns about the use and reliability of external confirmations as audit evidence. External confirmations are written responses to the auditor from a third party. The second exposure draft proposes stricter requirements when an auditor uses an expert to obtain audit evidence.

"The proposed standards represent significant steps by the IAASB designed to enhance auditor performance in important areas of the audit of financial statements. Confirmations have sometimes proved to be less reliable than expected and the proposals are intended to assist in making them effective when an auditor decides to use them. In a more complex world, especially where fair values feature in financial reporting, the auditor may have more need of the assistance of experts in other disciplines for the purposes of the audit. The new proposals are therefore timely," explains John Kellas, IAASB Chairman.

These proposed International Standards on Auditing (ISAs) are drafted in accordance with the IAASB's new conventions designed to improve the clarity of its pronouncements. They may be viewed by going to http://www.ifac.org/eds.  

External Confirmations
Recent experience has indicated that external confirmations may not always be as reliable as expected as audit evidence, giving rise to requests for more rigorous requirements governing the auditor's use of external confirmations. The auditor's decision about whether to use external confirmation procedures is based upon the identification and assessment of risks of material misstatement in accordance with other ISAs. Proposed ISA 505 (Revised and Redrafted), External Confirmations, is directed at the effective performance of external confirmation procedures when the auditor determines that such procedures are an appropriate response to an assessed risk of material misstatement.

Use of the Work of an Auditor's Expert
Proposed ISA 620 (Revised and Redrafted), Using the Work of an Auditor's Expert, deals with the auditor's use of the work of a person or organization possessing expertise in a field other than accounting or auditing, employed or engaged by the auditor to assist the auditor to obtain sufficient appropriate audit evidence. It places particular emphasis on the need for the auditor to evaluate the expert's objectivity, and to establish a proper understanding with the expert of the expert's responsibilities for the purposes of the audit.

How to Comment
Comments on the exposure drafts are requested by February 15, 2008. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: http://www.iaasb.org. The PIOB website address is http://www.ipiob.org.

New requirements designed to enhance the quality of audits of group financial statements were released today by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC). International Standard on Auditing (ISA) 600 (Revised and Redrafted), Special Considerations - The Audit of Group Financial Statement (Including the Work of Component Auditors), assists the group engagement partner in taking responsibility for the direction, supervision and performance of the group audit and the issue of an auditor's report that is appropriate in the circumstances.

To assist the group engagement team to obtain sufficient appropriate audit evidence on which to base the group audit opinion, the ISA specifies the types of work that the group engagement team, or component auditors on its behalf, should perform on the financial information of significant components. It also requires the group engagement team to be appropriately involved in the work that component auditors perform. The ISA is effective for audits of financial periods commencing on or after December 15, 2009. This date is consistent with the effective date for all the standards being redrafted under the IAASB's Clarity project.

The ISA, which was developed over a period of five years, was influenced by the responses to three exposure drafts. The new ISA takes account of regulatory and standard-setting developments around the world, the interests of small entities, and the expectations of various stakeholders, including those represented on the IAASB Consultative Advisory Group.

John Kellas, Chairman of the IAASB, explains: "The new standard clearly explains the responsibility of the group engagement partner to direct and control the group audit, even when component auditors may be involved. It responds to public expectations for continuous improvement in auditing standards. The project has not been an easy one, but we are confident that the standard will enhance current practice and promote consistency worldwide."

ISA 600 (Revised and Redrafted) can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: http://www.iaasb.org.

The PIOB website address is http://www.ipiob.org.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has determined that its complete set of clarified International Standards on Auditing (ISAs) will be effective for audits of financial statements for periods beginning on or after December 15, 2009. In announcing the definitive date, the IAASB hopes to eliminate uncertainty about when the new standards will apply. This will allow standard setters, regulators and auditors to plan for the adoption and implementation of the standards.

“In setting the date, we have balanced the desire to benefit from improvements in the standards as soon as practicable against the necessity for implementation to be effective. The date may seem a long way off, but there is much to be done to ensure that implementation is smooth. This is clearly understood by auditors and others who have asked us to allow a reasonable time for implementation. We have listened to their concerns and have done so,” explains John Kellas, IAASB Chairman. Mr. Kellas continued, “We are making the final standards available as soon as they have been approved by IAASB and, in respect of appropriate due process, by the Public Interest Oversight Board. This is intended to allow all concerned to take such steps as are necessary for effective implementation, including national adoption, translation, amendment of manuals and processes and training. I urge everyone to take advantage of the time available for implementation to ensure that it is a success.”

The IAASB continues to advance the clarification of its auditing standards and is on track to complete its Clarity project by the end of 2008 as planned. For more information about the IAASB’s Clarity project and its timetable, see the October 2007 communiqué, Effective Date for IAASB’s Clarified International Standards on Auditing, which is posted on the IAASB website.

About the IAASB and IFAC The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: http://www.iaasb.org. The PIOB website address is http://www.ipiob.org.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking comments on its proposed future strategy as a basis for its work program. The consultation paper proposes that the IAASB’s future strategy focus on:

• Contributing to the effective operation of the world’s capital markets;
• Assisting with the implementation of standards; and
• Addressing the needs of small- and medium-sized enterprises.

“The proposed strategy, developed after initial consultations, confirms the IAASB’s public interest role by responding to the needs of users of financial information by promoting quality in auditors’ work,” says IAASB Chairman John Kellas. “Recognizing that the effective operation of the world’s capital markets remains a matter of high public interest, the IAASB intends to continue to make auditing standards its first priority. A significant theme arising from the initial consultations has been the need to encourage effective implementation of the International Standards on Auditing. The IAASB recognizes the importance of this and is proposing not to issue further new auditing standards until auditors have had two years experience in applying the standards redrafted under the Clarity project, which is due for completion in late 2008.”

Over the last few years, the focus of the IAASB has been on the development of high quality International Standards on Auditing (ISAs) that are accepted globally and that facilitate convergence. This included significant revisions to the audit approach to risk assessment, together with responses to accounting developments such as the greater use of fair values in financial reporting, and enhanced audit requirements for group audits and using the work of experts. Furthermore, efforts to enhance the consistent application of the standards around the world gave rise to a project to improve the clarity of ISAs.

The IAASB plans to complete the Clarity and other current projects by the end of 2008. To prepare for the period after 2008, the IAASB embarked on an extensive consultation process to obtain the widest possible input into determining its future strategy and to gauge the needs and concerns of the public and the profession. This consultation paper forms the final stage of the consultation process. It presents the proposed strategy for 2009 – 2011, possible actions to implement the proposed strategy, and the basis for those actions. The proposed strategy and possible actions, amended in the light of comments received, will form the basis for the IAASB’s work program for 2009 – 2011.

How to Comment
Comments on the consultation paper are requested by November 30, 2007. The consultation paper may be viewed by going to http://www.ifac.org/eds. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: http://www.iaasb.org. The PIOB website address is http://www.ipiob.org.

To enhance the quality and consistency of audits, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is continuing to advance its project to clarify its international standards. At its July 2007 meeting in Warsaw, Poland, the IAASB approved exposure drafts of nine proposed standards, including each of its international quality control and auditor reporting standards. These have all been redrafted in accordance with the IAASB's new drafting conventions designed to improve the clarity of its pronouncements.

Further information about each exposure draft and the changes proposed therein is provided in the explanatory memorandum at the beginning of the exposure drafts. The exposure drafts may be viewed by going to http://www.ifac.org/EDs.

Quality Control Exposure Drafts
The IAASB has issued proposed International Standard on Quality Control (ISQC) 1 (Redrafted), Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, along with proposed International Standard on Auditing (ISA) 220 (Redrafted), Quality Control for an Audit of Financial Statements.

"Together, these standards deal with important quality control considerations at both the firm and engagement levels. The standards are closely linked, and therefore, implementing clarity revisions at the same time makes sense to ensure consistency between them," explains John Kellas, IAASB Chairman.

Auditor Reporting Exposure Drafts
The IAASB has also addressed the clarification of its auditor reporting standards. The proposed clarified auditor reporting standards comprise:

• ISA 700 (Redrafted), The Independent Auditor's Report on General Purpose Financial Statements;
• ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor's Report;
• ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor's Report;
• ISA 800 (Revised and Redrafted), Special Considerations - Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and
• ISA 805 (Revised and Redrafted), Engagements to Report on Summary Financial Statements.

Proposed ISA 700 (Redrafted) redrafts a standard that was revised in 2004. The other reporting standards have been fully revised to update them and make them consistent with ISA 700. Those revisions were completed and approved by the IAASB in 2006, and the standards are now being issued for comment only on their redrafting into the new clarity conventions. Other

Proposed Standards
In addition, the IAASB has issued exposure drafts of proposed ISA 510 (Redrafted), Initial Audit Engagements - Opening Balances, and proposed ISA 530 (Redrafted), Audit Sampling.

Progress of the Clarity Project
All of the proposed standards have been drafted in accordance with the IAASB's new drafting conventions. These conventions include the specification of an objective within each standard and separate sections for requirements and application and other material.

The IAASB has now approved five final ISAs drafted in accordance with the new conventions and, including the eight just released, 23 exposure drafts of ISAs. The IAASB expects to issue a further seven exposure drafts this year, and to complete all 35 ISAs as final standards by the end of 2008.

Further information on the Clarity project may be obtained from the IAASB Clarity Status Report.

How to Comment
Recognizing the number of exposure drafts being issued, the IAASB has staggered the deadlines for comments:

• Comments on the exposure drafts of proposed ISA 510 (Redrafted) and ISA 530 (Redrafted) are requested by October 31, 2007.
• Comments on the exposure drafts of proposed ISA 700 (Redrafted), ISA 705 (Revised and Redrafted), ISA 706 (Revised and Redrafted), ISA 800 (Revised and Redrafted) and ISA 805 (Revised and Redrafted) are requested by November 30, 2007.
• Comments on the exposure drafts of proposed ISQC 1 (Redrafted) and ISA 220 (Redrafted) are requested by December 31, 2007.

Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments, at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: http://www.iaasb.org. The PIOB website address is http://www.ipiob.org.

In recent years, accountants in the external auditing profession have started assuring corporate sustainability reports. But are accountants adequately trained for this challenge, and do extant standards provide sufficient guidance? This presentation outlines current developments in external assurance on sustainability.

The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA), both standard-setting bodies within the International Federation of Accountants (IFAC), seek to fill a key technical manager position. The technical manager will devote approximately 50 percent of his/her time to the activities of each of the boards, which are made up of volunteer members from around the world. The technical manager's key responsibilities will include conducting project research; interacting with standard setters, IFAC members and associates around the world; and developing, editing and overseeing publication of IAASB and IESBA exposure drafts, standards and guidance. Other responsibilities include:

• Drafting project proposals and presenting them to the IAASB/IESBA and, as appropriate, to task forces;
• Attending IAASB/IESBA meetings as well as task force meetings, participating in discussions and recording discussions and decisions;
• Preparing IAASB/IESBA meeting agendas and papers and developing articles and speeches; and
• Assisting the Chairman and Executive Director, Professional Standards, in responding to technical and process issues raised by the IAASB Consultative Advisory Group, IESBA Consultative Advisory Group, and the Public Interest Oversight Board.*

The ideal candidate for this position will have a professionally recognized accounting degree or other relevant qualification. An excellent knowledge of issues relating to auditing and ethics, and experience in the standard-setting process is a plus, as is an understanding of the special considerations relating to the audit of multinational entities, small and medium enterprises or public sector entities.

It is anticipated that the successful applicant will work at IFAC's headquarters in New York City. (About 25 days to 35 days per year of international travel are required.)

A complete job description, including additional information concerning preferred background and experience, is available on the IFAC website. Interested candidates should submit their résumé (CV) by July 31, 2007 to Dawn Tishkoff, IFAC Human Resources Manager (jobs@ifac.org).

About the IAASB, IESBA and IFAC
The objective of the IAASB, an independent standard-setting board within IFAC, is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The IESBA develops and issues in the public interest high-quality ethical standards and other pronouncements for professional accountants for use around the world. The Public Interest Oversight Board oversees the activities of the IAASB and the IESBA, and, as one element of that oversight, establishes the criteria for its due process and working procedures.

IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business.

*Note to Editors
The Public Interest Oversight Board (PIOB) was formally established in February 2005 to oversee IFAC's auditing and assurance, ethics, and education standard-setting activities as well as the IFAC Member Body Compliance Program. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IAASB and IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

To enhance the quality and consistency of audits, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is continuing to advance its project to clarify its auditing standards. At its meeting in April 2007, the IAASB approved for public comment exposure drafts of proposed International Standard on Auditing (ISA) 200 (Revised and Redrafted), Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing; proposed ISA 250 (Redrafted), The Auditor's Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements; and proposed ISA 500 (Redrafted), Considering the Relevance and Reliability of Audit Evidence. These have all been redrafted in accordance with the IAASB's new drafting conventions designed to enhance the clarity of its pronouncements.

Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with ISAs

The Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (Preface) was reissued in January 2007 to reflect the effect of the new drafting conventions being used for the purposes of ISAs. It contains important statements about the authority of ISAs and the obligations of auditors who follow those standards. Because the amended Preface may not be adopted in certain jurisdictions, the IAASB decided that these statements should be incorporated within the ISAs themselves. Accordingly, proposed ISA 200 (Revised and Redrafted) incorporates the provisions of the amended Preface relevant to ISAs. The proposed ISA also describes the nature of an audit of financial statements and related concepts that provide the basis for a proper understanding of the conduct of an audit, the overall objective of the auditor, and the objectives and requirements stated in the ISAs. "The proposed standard provides a clearer explanation of relevant concepts which should be helpful to auditors and others with an interest in audits and auditing standards. By incorporating the relevant provisions of the Preface into this ISA, we hope to give them greater prominence and to ensure that the obligation of auditors using ISAs to follow all their requirements is directly imposed through the standards themselves," states John Kellas, IAASB Chairman.

Status of the Clarity Project

The proposed ISAs have been drafted in accordance with the IAASB's new drafting conventions. These conventions include the specification of an objective within each ISA and separate sections for requirements and application and other material. With the release of the exposure draft of proposed ISA 200 (Revised and Redrafted), the IAASB has issued a complete list of the objectives to be contained in each ISA for the information of respondents. These are subject to revision as relevant exposure drafts are developed and exposed for comment. The IAASB has now issued four final ISAs drafted in accordance with the new conventions and, including the three just released, 15 exposure drafts of ISAs. The IAASB expects to issue a further 15 exposure drafts this year, and to complete all 34 ISAs as final standards by the end of 2008. As a result of this project, 21 extant ISAs will have been fully revised or updated and redrafted in the last five years and the remaining 11 will have been redrafted in accordance with the new conventions, providing more clarity as to their requirements and thereby improving the consistency of their application. Further information on the Clarity project may be obtained from the IAASB Clarity Status Report.

How to Comment

Comments on the exposure drafts of proposed ISA 200 (Revised and Redrafted) and proposed ISA 500 (Redrafted) are requested by September 15, 2007. The comment period for proposed ISA 500 (Redrafted) is tied to that of proposed ISA 200 (Revised and Redrafted), because it is proposed that the requirement of extant ISA 500 for the auditor to obtain sufficient appropriate audit evidence be transferred to proposed ISA 200 (Revised and Redrafted). Comments on the exposure draft of proposed ISA 250 (Redrafted) are requested by July 31, 2007. The exposure drafts may be viewed by going to http://www.ifac.org/EDs. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments, at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: http://www.iaasb.org. The PIOB website address is http://www.ipiob.org.