APB invites comments on new IAASB Clarity Exposure Drafts

The International Auditing and Assurance Standards Board (IAASB) recently issued ‘clarity’ exposure drafts of:

• International Standard on Quality Control (ISQC) 1 (Redrafted), 'Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements'
  
• International Standard on Auditing (ISA) 220 (Redrafted), 'Quality Control for an Audit of Financial Statements'
  
• ISA 510 (Redrafted), 'Initial Audit Engagements – Opening Balances'
  
• ISA 530 (Redrafted), 'Audit Sampling'
  
• ISA 700 (Redrafted), 'The Independent Auditor’s Report on General Purpose Financial Statements'
  
• ISA 705 (Revised and Redrafted), 'Modifications to the Opinion in the Independent Auditor’s Report'
  
• ISA 706 (Revised and Redrafted), 'Emphasis of Matters Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor’s report'

See full Press Release.