Two years on and there are still
some sticky areas in the application of clarified ISAs, says Julia
Penny
Clarified International Standards on Auditing (ISAs) (UK and
Ireland) have been applicable for audits of financial statements since
periods ending on or after 15 December 2010. But there is continued
evidence, from within firms and from regulators, of difficulty with
some aspects of the clarity ISAs. Not surprisingly, these are generally
in areas that have changed significantly: group audits, materiality
and related parties.
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