Trimester 2 / 2011
Clarity Project (20 marks)
The Clarity Project
involved the International Auditing & Assurance Standards Board (IAASB)
reviewing and reissuing all its standards to improve the clarity of wording and
make their application more consistent.
Subsequently the Australian Auditing & Assurance Standards Board
(AUASB) has adopted this work and reviewed all existing ASAs. The complete new set of revised ASAs was
issued and became legally binding in October 2009.
Outline the major revisions to the auditing standards and discuss their
implications for auditors conducting audits.
(Approx 1,000 words essay response)
You should review the relevant parts of the following resources in your
- Website: The Institute of Chartered Accountants in Australia (ICAA)
Available from: http://www.charteredaccountants.com.au
Australian Auditing & Assurance Standards Board
Available from: http://www.auasb.gov.au
subject text: Modern
Auditing & Assurance Services by Leung, 5th edition