Introduction

1. Introduction ISA Implementation Support Module Prepared by IAASB Staff (edited) October 2009

2. International Auditing and Assurance Standards Board (IAASB) • The international body that sets International Standards on Auditing (ISAs) • Operates under the auspices of the International Federation of Accountants (IFAC) • Standards set independently under IAASB’s own authority • Subject to Public Interest Oversight Board (PIOB) oversight • Mission: To serve the public interest by • Setting high-quality auditing, review, other assurance, related services, and quality control standards and • Facilitating convergence to IAASB standards 2

3. The Clarity Project • Project completed March 2009 • All 36 ISAs (one new, 19 redrafted, and 16 revised and redrafted) in new Clarity format • Major improvements from Clarity format • Clear statement of objective in each ISA, supported by requirements • Each requirement introduced by the phrase “the auditor shall” • Improved readability and understandability from new structure and additional drafting enhancements • Considerations specific to small- and medium-sized entities and public sector entities highlighted in application material 3

4. ISA Modules • Each module consists of two separate components • A short video presentation that provides context for the new ISA, explains the key principles and main changes, and highlights important implementation considerations • A set of slides and supporting notes that cover the provisions of the ISA in more detail • Modules are available for download free of charge in the Clarity Center on the IAASB website • Slides can be tailored for local purposes • IAASB encourages reproduction and translation 4