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31 Jul. 2008

AUASB announces progression of project to redraft Australian auditing standards

Australian auditors will need to comply with a revised set of Auditing Standards in Clarity format, which will become operative on 1 January 2010.

In line with the strategic direction provided by the Financial Reporting Council, the Auditing and Assurance Standards Board (AUASB) will redraft and issue its legally enforceable Australian Auditing Standards (ASAs). The revised ASAs will conform to the revised International Standards on Auditing (ISAs) to be issued by the International Auditing and Assurance Board (IAASB).

(See link below for full text of media release)