Have you checked out the new Clarity Standards yet?

The final standards can now be accessed at the AUASB website at www.auasb.gov.au

The changes to the auditing standards are significant and include:

• the issue of several new auditing standards, including some in critical audit areas such as audit reporting (ASA 705 and ASA 706); evaluation of material misstatements (ASA 450); and quality control (ASQC 1)
• new requirements in many existing standards, as set out in the explanatory documents accompanying each Clarity standard
• restructuring the content of every standard such that the paragraph referencing is now completely different in virtually all standards; in some cases requirements have been changed from guidance to mandatory requirements; and in others moved from one standard to another, such as financial report assertions which are now contained in ASA 315 instead of ASA 500
• changes in the use of some terminology

As well as not covering significant new standards, any textbook that is based on the old standards will contain outdated requirements, incorrect referencing to the wrong paragraph numbers, and in some cases, the wrong auditing standard for various requirements.

This is likely to create considerable confusion for students when they try to check requirements in the 2010 auditing online standards, or handbooks, because these will contain the new Clarity standards.

You and your students can have confidence in the one text that incorporates these important new standards

Auditing & Assurance Services in Australia 4e
Gay & Simnett | ISBN 9780070286740

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McGraw-Hill Australia www.mcgraw-hill.com.au