CHANGES OF SUBSTANCE FROM PARTS I AND II OF THE 2008 EDITION OF THE HANDBOOK AND RECENT DEVELOPMENTS<br />References<br />...
C:\Fakepath\Changes Of Substance From Parts I And Ii Of The 2008 Edition Of The Handbook And Recent Developments  En Ingles
C:\Fakepath\Changes Of Substance From Parts I And Ii Of The 2008 Edition Of The Handbook And Recent Developments  En Ingles
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C:\Fakepath\Changes Of Substance From Parts I And Ii Of The 2008 Edition Of The Handbook And Recent Developments En Ingles

  1. 1. CHANGES OF SUBSTANCE FROM PARTS I AND II OF THE 2008 EDITION OF THE HANDBOOK AND RECENT DEVELOPMENTS<br />References<br />This handbook contains references to International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). Unless otherwise indicated, references to IASs and IFRSs are to the IASs and IFRSs in effect at the date of preparing a pronouncement. Accordingly, readers are cautioned that, where a revised IAS or IFRS has been issued subsequently, reference should be made to the most recent IAS or IFRS.<br />References to “country” in this handbook should be read as “country or jurisdiction.”<br />Pronouncements Issued by the International Auditing and Assurance Standards Board<br />This handbook contains the complete set of International Auditing and Assurance Standards Board’s (IAASB) pronouncements on auditing and quality control. This includes all the International Standards on Auditing (ISAs) that have been redrafted to improve their clarity, the redrafted International Standard on Quality Control (ISQC) 1, a Glossary of Terms, and a Preface which become effective on December 15, 2009.<br />This handbook replaces Part II of the 2008 edition of the International Federation of Accountants (IFAC) Handbook of International Standards on Auditing, Assurance, and Ethics Pronouncements which featured nine redrafted ISAs issued by the IAASB as at January 1, 2008.<br />Changes to Part I of the 2008 Edition of the IFAC Handbook<br />Part I of the 2008 edition of the IFAC Handbook will remain in effect during 2009. That publication contains pronouncements on auditing, review, other assurance, and related services issued by the IAASB as of January 1, 2008. The pronouncements on auditing and quality control will remain in effect up to December 14, 2009. It also includes the Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants.<br />Paragraphs 15 and 18 of the International Standard on Review Engagements (ISRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” have been amended as a result of ISA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing” issued in October 2008. The amendments become effective on December 15, 2009.<br />The conforming changes are shown in the Appendix to this section. The amended ISRE 2410 can be accessed from the Publications/Bookstore section on the IFAC website at http://www.ifac.org.<br />Small Entity Audit Considerations<br />For ISAs issued subsequent to March 2003, whenever necessary, small entity audit considerations are included in the body of those ISAs. Guidance contained in International Auditing Practice Statement (IAPS) 1005, “The Special Considerations in the Audit of Small Entities” is withdrawn when revisions to related ISAs become effective. Accordingly, readers are cautioned that, in addition to the guidance in IAPS 1005, reference should be made to the small entity audit considerations included in ISAs issued subsequent to March 2003.<br />Clarity Project<br />In March 2009, the IAASB announced the completion of its 18-month long program to comprehensively review all of its ISAs and ISQC to improve their clarity (Clarity project). As a result of this landmark achievement, auditors worldwide will have access to 36 newly updated and clarified ISAs and a clarified ISQC. These standards are designed to enhance the understanding and implementation of them, as well as to /facilitate translation. The clarified standards, all of which are contained in this handbook, are effective for audits of financial statements for periods beginning on or after December 15, 2009.<br />Visit the IAASB’s Clarity Centre website at http://web.ifac.org/clarity-center/index for more information on the Clarity Project.<br />Final Pronouncements Issued Subsequent to April 30, 2009 and Exposure Drafts<br />For information on recent developments and to obtain final pronouncements issued subsequent to April 30, 2009 or outstanding exposure drafts, visit the IAASB’s website at http://www.ifac.org/IAASB/.<br />CHANGES<br />Appendix<br />Note to Users of this Handbook:<br />ISREs issued by the IAASB as of January 1, 2008 are contained in Part I of the 2008 edition of the IFAC Handbook of International Standards on Auditing, Assurance, and Ethics Pronouncements. Part I of the 2008 edition of the IFAC Handbook will remain in effect during 2009.<br />Conforming amendments to ISRE 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” as a result of ISA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing”<br />15. The procedures performed by the auditor to update the understanding of the entity and its environment, including its internal control, ordinarily include the following:<br />• …<br />• Considering significant financial accounting and reporting matters that may be of continuing significance such as material weaknesses significant deficiencies in internal control.<br />• …<br />18. This understanding enables the auditor to focus the inquiries made, and the analytical and other review procedures applied in performing a review of interim financial information in accordance with this ISRE. As part of obtaining this understanding, the auditor ordinarily makes inquiries of the predecessor auditor and, where practicable, reviews the predecessor auditor’s documentation for the preceding annual audit, and for any prior interim periods in the current year that have been reviewed by the predecessor auditor. In doing so, the auditor considers the nature of any corrected misstatements, and any uncorrected misstatements aggregated by the predecessor auditor, any significant risks, including the risk of management override of controls, and significant accounting and any reporting matters that may be of continuing significance, such as material weaknesses significant deficiencies in internal control.<br />

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