Assessment:
Audit Clarity Project
The Clarity Project involved the International Auditing & Assurance Standards Board (IAASB) reviewing and reissuing all its standards to improve the clarity of wording and make their application more consistent. Subsequently the Australian Auditing & Assurance Standards Board (AUASB) has adopted this work and reviewed all existing ASAs. The complete new set of revised ASAs was issued and became legally binding in October 2009.
Required:
Outline the major revisions to the auditing standards and discuss their implications for auditors conducting audits. (Create a 1,000 words essay response)
You should review the relevant parts of the following resources in your research:
• Website: The Institute of Chartered Accountants in Australia (ICAA)
• Website: Australian Auditing & Assurance Standards Board
• Prescribed subject text: Modern Auditing & Assurance Services by Leung, 5th edition