Discuss the below in detail:
Q: 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. (Approx 1,000 words essay response)