HANDBOOK OF INTERNATIONAL STANDARDS ON AUDITING ASSURANCE AND ETHICS Księgarnia

Part I of the 2008 Handbook of International Auditing, Assurance, and Ethics Pronouncements contains the pronouncements on ethics, auditing, review, other assurance, and related services issued as of January 1, 2008, as well as the glossary of terms.

Part II of the handbook contains the amended Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and nine International Standards on Auditing that have been redrafted following the IAASB's clarity drafting conventions.

Scope of Part I of the Handbook

Part I of the handbook brings together for continuing reference background information on the International Federation of Accountants (IFAC) and the pronouncements on ethics, quality control, auditing, review, other assurance, and related services issued by IFAC as of January 1,2008. In Part I of the handbook, the text of pronouncements that become effective at a date after January 1,2008 has been shaded.

Part II of the handbook contains background information on the project of the International Auditing and Assurance Standards Board (IAASB) to improve the clarity of its pronouncements (Clarity project), an amended Preface for the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and the International Standards on Auditing (ISAs) that have been redrafted in accordance with the clarity conventions. Those ISAs are effective for audits of financial statements for periods beginning on or after December 15, 2009.

How Part I of the Handbook is Arranged

The contents of Part I of the handbook are arranged by section as follows:

Changes of Substance from the 2007 Edition of the Handbook and Recent Developments

Background Information on the International Federation of Accountants

Ethics

Auditing, Review, Other Assurance, and Related Services

CHANGES OF SUBSTANCE FROM THE 2007 EDITION OF THE HANDBOOK AND RECENT DEVELOPMENTS

References

Part I of this handbook contains references to the International Auditing Practices Committee (IAPC) of the International Federation of Accountants (IFAC). As of April 1, 2002 the International Auditing and Assurance Standards Board (IAASB) of IFAC replaced the IAPC.

Part I of this handbook also contains references to the International Accounting Standards Committee (IASC). As of April 1,2002 the International Financial Reporting Standards (IFRSs) (previously referred to as International Accounting Standards (IASs)) are issued by the International Accounting Standards Board (IASB). Unless otherwise indicated, references to IASs and IFRSs are to the IASs and IFRSs in effect at the date of preparing a pronouncement. Accordingly, readers are cautioned that, where a revised IAS or IFRS has been issued subsequently, reference should be made to the most recent IAS or IFRS.

In Parts I and II of this handbook, references to "country" should be read as "country or jurisdiction."

Pronouncements Issued by the International Auditing and Assurance Standards Board

This is the first year that the handbook is presented in two parts. Part I contains background information on IFAC and the pronouncements on ethics, auditing, review, other assurance, and related services issued by IFAC as of January 1, 2008.

Part II contains background information on the lAASB's project to improve the clarity of its pronouncements (Clarity project), an amended Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and the International Standards on Auditing (ISAs) that have been redrafted in accordance with the clarity conventions. Those ISAs are effective for audits of financial statements for periods beginning on or after December 15,2009.

Changes to Part I

Paragraph 2 of the International Standard on Review Engagements (ISRE) 2400, "Engagements to Review Financial Statements" has been amended and paragraph 3a and footnote 4 added to ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" to clarify to which engagements each ISRE respectively is to be applied. The amendments are effective.

Part II

Amendments to the "Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services" (Preface) were approved in

December 2006 as part of the Clarity project. The amended Preface, which establishes the conventions to be used by the IAASB in drafting future ISAs, and the obligations of auditors who follow those standards, and the following ISAs, which reflect the clarity conventions, have been moved to Part II of the handbook:

- ISA 240 (Redrafted), "The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements;"

- ISA 300 (Redrafted), "Planning an Audit of Financial Statements;"

- ISA 315 (Redrafted), "Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment;" and

- ISA 330 (Redrafted), "The Auditor's Responses to Assessed Risks."

Minor amendments have been processed to these ISAs. To further enhance their readability, cross references to other ISAs have been moved to footnotes. (Electronic files that show the amendments in marked text can be obtained by writing to IAASBpubs@ifac.org.)

The following ISAs, which reflect the clarity conventions, have been added to Part II:

- ISA 230 (Redrafted), "Audit Documentation;"

- ISA 260 (Revised and Redrafted), "Communication with Those Charged with Governance;"

- ISA 540 (Revised and Redrafted), "Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures;"

- ISA 600 (Revised and Redrafted), "Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors);" and

ISA 720 (Redrafted), "The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements."

The redrafted standards are described as "redrafted." If further revision has been undertaken, the standard is described as "revised and redrafted." They are effective for audits of financial statements for periods beginning on or after December 15, 2009.

Small Entity Audit Considerations

For ISAs issued subsequent to March 2003, whenever necessary, small entity audit considerations are included in the body of those ISAs. Guidance contained in International Auditing Practice Statement (IAPS) 1005, "The Special Considerations in the Audit of Small Entities" is withdrawn when revisions to related ISAs become effective. Accordingly, readers are cautioned that, in addition to the guidance in IAPS 1005, reference should be made to the small entity audit considerations included in ISAs issued subsequent to March 2003.

Final Pronouncements Issued Subsequent to December 31,2007 and Exposure Drafts

For information on recent developments and to obtain final pronouncements issued subsequent to December 31, 2007 or outstanding exposure drafts, visit the LAASB's wcbsite at http://www.iaasb.org.

Pronouncements Issued by the International Ethics Standards Board for Accountants

Changes

New paragraphs 290.14-290.26 and new or revised definitions for "firm," "network," and "network firm," which are effective for assurance reports dated on or after December 31, 2008, have been inserted in the Code of Ethics for Professional Accountants. Those paragraphs that follow new paragraphs 290.14-290.26 have been renumbered accordingly.

Recent Exposure Drafts

The International Ethics Standards Board for Accountants (IESBA) has issued two exposure drafts of proposed amendments to extant Section 290 Independence-Audit and Review Engagements and proposed new Section 291 Independence-Other Assurance Engagements.

Scope of Part II of the Handbook

Part II of the handbook contains background information on the project of the International Auditing and Assurance Standards Board (IAASB) to improve the clarity of its pronouncements (Clarity project), an amended Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, and the International Standards on Auditing that have been redrafted in accordance with the clarity conventions.

Part I of the handbook contains background information on the International Federation of Accountants (IFAC) and the currently effective pronouncements on ethics, quality control, auditing, review, other assurance, and related services issued by IFAC as of January 1,2008.

How Part II of the Handbook is Arranged

The contents of Part II of the handbook are arranged by section as follows:

Background Information on the Clarity Project of the International Auditing and Assurance Standards Board

Preface to the International Standards on Quality Control, Auditing, Review,

Other Assurance and Related Services (December 2006)

Glossary of Terms

Redrafted and Revised and Redrafted International Standards on Auditing

Part I: 972 pages, Part II: 293 pages, softcover

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