IAASB issues new standards

News Article - 22 November 2006
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Three new accounting standards have been issued by the International Auditing and Assurance Standards Board (IAASB).

The drafts, released as part of the board's ongoing Clarity Project, aim to develop new standards and revise current ones in a bid to ensure quality control within the accountancy industry.

IAASB chairman John Kellas said: "The concept of materiality, the evaluation of misstatements identified during the audit and high quality and relevant discussions between those charged with governance and the auditor are fundamental to an audit."

He added that the IAASB thought the new proposals provided clear guidance and requirements in these "very important areas".

The project, which was launched in October last year, aims to improve the clarity of accounting standards by setting objectives, eliminating ambiguity and clarifying the auditor obligations.

According to the IAASB, the standards are expected to be modified to include new drafting conventions before they come into effect for accounting periods beginning on or after December 2007.

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