087 Issuance of a report based on a new draft policy
JICPA issued on 24 Oct. 2011 an exposure draft of “a report based on a new draft policy”, which they have been working on to replace the existing standards of report on quality control standards, all the audit standards board’s report and assurance practice board’s guidance. This draft is based on the “clarity version” of international audit standards and international quality control standards issued by IAASB(International Audit and Assurance Standards Board).
The draft clarifies that some standards should be applied to the interim audit for the year ending after Sept. 30 2011, and full audit for the year ending March 31 2012.
You can see Internationalization and clarification of the audit standards as requirements and guidance have been clarified in this draft. While it has become clear to auditors as the rules are now more comprehensive, responsibility has also become clear on who to have responsibility on what matter. Audit firms are required to review its audit policy to adapt this new standards.
