The International Auditing and Assurance Standards Board (IAASB) has finalised a further 7 standards as part of the final stages of its international clarity project. Some of the standards have been revised, while others have only been redrafted to apply the new conventions.  
 
The most significant changes have been made to ISA 200 (Revised and Redrafted) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. This standard now clearly establishes the key objectives for an audit by:

• Providing an overview of an audit to aid in understanding its purpose and scope; 
  
• Defining the respective authority of the requirements and guidance in ISAs; and 
  
• Setting out fundamental audit requirements including the need for sound and consistent professional judgement and sufficient audit evidence

• ISA 320 (Revised and Redrafted) Materiality in Planning and Performing an Audit 
  
• ISA 450 (Revised and Redrafted) Evaluation of Misstatements Identified during the Audit 
  
• ISA 530 (Redrafted) Audit Sampling 
  
• ISA 610 (Redrafted) Using the Work of Internal Auditors 
  
• 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 Paragraphs in the Independent Auditor's Report