Background to Clarity Updates

In line with the strategic direction provided by the Financial Reporting Council, the Auditing and Assurance Standards Board (AUASB) has revised and redrafted the Australian Auditing Standards. The revised and redrafted standards use the equivalent International Standard on Auditing (ISA) as the underlying standard and therefore conform with the equivalent ISAs, issued by the International Auditing and Assurance Board (IAASB).

Clarity is the title given to the IAASB project, initiated in 2004, to improve the consistent application of International Auditing Standards worldwide.

The IIASB has redrafted, in Clarity format, the entire suite of ISAs. In a number of cases, the ISAs have also been substantively revised in addition to being redrafted in Clarity format. The revised and redrafted ISAs will be effective for audits of financial statements for periods beginning on or after 15 December 2009.

The revised and redrafted Australian Auditing standards will be operative on or after 1 January 2010.

This overview was provided by AUASB.

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