Summary of IFAC Education Committee Meeting Held in Brasilia

Contact: James Gunn,

This summary of decisions of the International Auditing and Assurance Standards Board (IAASB) has been prepared for information purposes only. Except for approval of documents for public exposure and issuance of final Standards or Statements, decisions reported are tentative and reflect only the current status of discussions on projects which might change after further deliberation by the IAASB.

For more detailed information about IAASB projects, please refer to the project summaries under Current Projects.

Final ISAs

The IAASB approved for issue, subject to confirmation by the Public Interest Oversight Board that due process has been followed, the following International Standards on Auditing (ISAs):

·  ISA 250 (Redrafted), Consideration of Laws and Regulations in an Audit of Financial Statements;

·  ISA 510 (Redrafted), Initial Audit Engagements—Opening Balances;

·  ISA 550 (Revised and Redrafted), Related Parties; and

·  ISA 570 (Redrafted), Going Concern.

The ISAs will be effective for audits of financial statements for periods beginning on or after December 15, 2009.

Review of Comments on Exposure Drafts

The IAASB considered significant comments received on the following Exposure Drafts, including comments from the IAASB Consultative Advisory Group (CAG):

·  Proposed ISA 200 (Revised and Redrafted), Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing;

·  Proposed ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit;

·  Proposed ISA 450 (Revised and Redrafted), Evaluation of Misstatements Identified during the Audit;

·  Proposed ISA 500 (Redrafted), Considering the Relevance and Reliability of Audit Evidence;

·  Proposed ISA 530 (Redrafted), Audit Sampling; and

·  Proposed ISA 610 (Redrafted), The Auditor's Consideration of the Internal Audit Function.

The IAASB will consider proposed final redrafted, or revised and redrafted, ISAs for approval at its June 2008 meeting.

IAASB Strategy and Work Program

The IAASB considered significant comments received on the October 2007 IAASB Consultation Paper, Proposed Strategy for 2009-2011, including comments from the IAASB CAG. The IAASB will consider the proposed final IAASB 2009-2011 strategy and work program for approval at its June 2008 meeting.

Assurance Reports on Prospectus Information

The IAASB approved a project proposal addressing the development of a new International Standard on Assurance Engagements (ISAE) on pro forma financial information required in connection with a securities offering. The scope of the project includes consideration of the feasibility and relevance of the project in the global context.

Next Meeting

The next IAASB meeting will be held in Athens on June 16-20, 2008.