New International Standards on Auditing issued by the Auditing Practices Board are set to replace current standards by December next year. The 33 new ISAs, designed to add more clarity to the audit standards, along with a new International Standard on Quality Control will see firms change the way they audit accounts within the next year. The move comes as part of the International Auditing and Assurance Standards Board 'Clarity Project' and follows a lengthy consultation period with key regulators and stakeholders in the accountancy industry. Key areas of focus include: the audit of accounts estimates and fair value; audits of related parties; and group audits. APB chairman Richard Fleck said the new standards are 'more rigorous and clearer than existing audit standards in any country'. 'The APB has concluded, after consultation, that the international standards are fit for purpose in the UK and Ireland and should be applied as soon as practicable. The APB hopes that these standards will be mandated for use within the European Union in the near future,' he added.