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New ICAEW web resource

A new web resource has been launched by the Audit and Assurance Faculty at the ICAEW to coincide with the publication by the APB of clarified international standards on auditing (ISAs) for adoption in the UK.

The new web resource, ISAaudit2010.com, provides information on the move to clarified ISAs, what it means for practitioners and their clients as well as what ICAEW is doing in this area. It includes news, useful links and other relevant information to help practitioners plan ahead for their implementation.

Gerry Murphy, Chairman of the ICAEW's Audit and Assurance Faculty, said: "The publication of clarified ISAs represents a further significant step taken by APB in the continuing enhancement of audit quality and the harmonisation of auditing standards internationally. We have worked hard and will continue to do so over the next year to ensure that our members are aware of the changes now taking place and understand the implications for their practices."

Martyn Jones, Chairman of the ICAEW's ISA Implementation Sub-group commented: "There will be a lot of preparatory work needed by audit firms, software providers and training consortia for successful implementation.

"Alongside the web resource, several other initiatives are already underway to ensure a smooth transition to the new standards. A new advisory group on audit software, methodologies and training has been established under the ISA Implementation Sub-group. The Audit and Assurance Faculty has also run a series of successful road shows on this subject in the autumn of 2009 which has so far attracted over 1400 delegates. It is anticipated that we will be holding further events in 2010 on this topic."

Further information on clarified ISAs

Auditing standards, ISAs (UK and Ireland).

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The clarified ISAs will apply to the audit of all entities in the UK and the Republic of Ireland, including many smaller entities that will continue to have an audit either under statute, regulation, or voluntarily. .The ISAs (UK and Ireland) apply to audits of UK companies for accounting periods ending on or after 15 December 2010.