The Clarified Standards

The final set of clarified standards comprises 36 International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1, including:

• One new standard, addressing communication of deficiencies in internal control;
• 16 standards containing new and revised requirements (these have been referred to as "revised and redrafted ISAs"); and
• 20 standards that have been redrafted to apply the new conventions and reflect matters of general clarity only (these have been referred to as "redrafted ISAs and redrafted ISQC 1").

Structure of the ISAs

The ISAs now have a new structure, in which information is presented in separate sections: Introduction, Objective, Definitions, Requirements, and Application and Other Explanatory Material. 

Introduction
Introductory material may include information regarding the purpose, scope, and subject matter of the ISA, in addition to the responsibilities of the auditors and others in the context in which the ISA is set.

Objective
Each ISA now contains a clear statement of the objective of the auditor in the audit area addressed by that ISA.

Definitions
For greater understanding of the ISAs, applicable terms have been defined in each ISA.

Requirements
Each objective is supported by clearly stated requirements. Requirements are always expressed by the phrase "the auditor shall."

Application and Other Explanatory Material
The application and other explanatory material explains more precisely what a requirement means or is intended to cover, or includes examples of procedures that may be appropriate under given circumstances.

ISAs and ISQC 1

The complete listing of the ISAs and ISQC 1 is set forth below, along with the Basis for Conclusions for each project. These staff-prepared documents provide background information, main comments received on the exposure drafts, and the IAASB's conclusions regarding these comments in developing the final standard.

Although the IAASB previously released the standards following the Public Interest Oversight Board's approval of due process, a consistency review of all standards, in connection with the IAASB's December 2008 meeting, resulted in changes. The versions of the standards issued in February 2009 (listed below) indicate in marked text the changes resulting from the review.

In finalizing the 2009 Handbook of International Standards on Auditing and Quality Control, minor editorial and formatting changes were made to these marked versions of the standards. To assist those using the marked versions of the standards as a basis for national purposes, a bridging document has been prepared. This document shows the changes made subsequent to the IAASB's consistency review in December 2008 to arrive at the final version of the standard that appears in the 2009 Handbook.
With the release of the 2009 Handbook, final clean versions of the individual standards, dated April 2009, are now made available below.

ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing

ISA 210, Agreeing the Terms of Audit Engagements

ISA 220, Quality Control for an Audit of Financial Statements

ISA 230, Audit Documentation

ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements

ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements

ISA 260, Communication with Those Charged with Governance

ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

ISA 300, Planning an Audit of Financial Statements

ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment

ISA 320, Materiality in Planning and Performing an Audit

ISA 330, The Auditor's Responses to Assessed Risks

ISA 402, Audit Considerations Relating to an Entity Using a Service Organization

ISA 450, Evaluation of Misstatements Identified during the Audit

ISA 500, Audit Evidence

ISA 501, Audit Evidence-Specific Considerations for Selected Items

ISA 505, External Confirmations

ISA 510, Initial Audit Engagements-Opening Balances

ISA 520, Analytical Procedures

ISA 530, Audit Sampling

ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

ISA 550, Related Parties

ISA 560, Subsequent Events

ISA 570, Going Concern

ISA 580, Written Representations

ISA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)

ISA 610, Using the Work of Internal Auditors

ISA 620, Using the Work of an Auditor's Expert

ISA 700, Forming an Opinion and Reporting on Financial Statements

ISA 705, Modifications to the Opinion in the Independent Auditor's Report

ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report

ISA 710, Comparative Information-Corresponding Figures and Comparative Financial Statements

ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements

ISA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks

ISA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

ISA 810, Engagements to Report on Summary Financial Statements

International Standard on Quality Control (ISQC) 1, Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements