To promote awareness and understanding of the newly clarified International Standards on Auditing (ISAs), the International Auditing and Assurance Standards Board (IAASB) released this week a series of "ISA Modules" focusing on some of the new and more significantly revised ISAs. Developed by IAASB staff, each of these modules combines short video presentations and accompanying slides that explain the key principles of, and major changes in, individual ISAs, including the implications for audits of small- and medium-sized entities (SMEs).
This new resource includes modules that provide an introduction to, and an overview of, the clarified ISAs, including ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, and audit documentation and SME audit considerations. Additional modules cover ISAs that address related parties, auditing accounting estimates, including fair value estimates, communication with those charged with governance, and communicating deficiencies in internal control.
The ISA Modules are available to download free of charge from the IAASB Clarity Center on the IFAC website (web.ifac.org/clarity-center/support-and-guidance).