The Clarity project involved the International Auditing & Assurance Standards Board (IAASB) reviewing and reissuing all its standards to improve the clarity of wording and implement new drafting conventions, which make the standards easier to apply consistently. The IAASB focused on ensuring that the responsibilities of the assurance practitioner are clearly stated and that the standards were well structured. The complete set of revised clarified international auditing standards (ISAs) was published early in 2009, effective for audits of financial statements for periods beginning on, or after, 15 December 2009.
Given Australia’s international harmonisation commitments, the Australian Auditing and Assurance Standards Board (AUASB) has adopted this work and, where necessary, adapted it to local conditions. It recently completed its own 'Clarity Project'. This involved the revision of all the existing ASAs, based on the new international standards, which were initially issued as Australian exposure drafts during 2008-09. The complete suite of revised standards was finally issued as legally binding ASA auditing standards at the end of October 2009 and become operative for periods beginning on or after 1 January 2010. For the majority of Australian audits, they are likely to be first used for the financial year ended 30 June 2011.
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View our 'Moment of Clarity' Q&As.
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