What's New (May, 2011)

May 18,2011

The Auditing Standards Committee and Quality Control Standards Committee released the following statements, respectively, as part of their project to redraft their statements along with its new drafting principles (such as the obligation to clarify the procedures) established in response to the Clarity Project of the International Auditing and Assurance Standards Board (IAASB) of International Federation of Accountants.

Auditing Standards Committee Statements No.58 "Quality Control for Audits" (Interim Report)

Quality Control Standards Committee Statement No.1 "Quality Control for Firms that Perform Audits" (Interim Report)

After exposing the draft statement, and extensive comments from the public, the committees made some changes in wording in order to make the drafts more readily understandable.

The effective date of the statements will be determined in the future at the Executive Board Members’ meeting.