It is anticipated that the European Commission will in the near future adopt the auditing standards as issued by the International Auditing and Assurance Standards Board (IAASB).This FEE Policy Statement is designed to explain the background to the development of IAASB International Standards on Auditing (ISAs), explain the IAASB due process for the drafting and completion of ISAs, comment on the IAASB's recently completed Clarity Project, look at the requirements of the European Statutory Audit Directive, consider the practical issues relating to the use of ISAs, particularly in relation to Small- and Medium-sized Entities (SMEs), and reflect the views of the International Federation of Accountants (IFAC), IAASB and FEE on the implementation of ISA. For further details click here.