The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), issued its 2008 annual report that highlights the culmination of the Clarity Project.
With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation.
The annual report also details the IAASB's strategy and future direction as it continues to promote the adoption of International Standards on Auditing (ISAs) and develops new standards in response to extensive public consultation undertaken during 2007 and 2008 with key stakeholders.
Readers of the IAASB annual report are encouraged to visit the new Clarity Center on the IAASB website for more information on the Clarity Project and the full suite of standards that will come into effect for audits of financial statements for periods beginning on or after December 15, 2009.