Auditing Standards Board begins large-scale 'clarity' project.

In response to growing concerns about the complexity of standards, the Auditing Standards Board has commenced a large-scale "clarity" project to revise all existing auditing standards so they are easier to read and understand. The ASB estimates the project will take two to three years to complete.

The following will be the most significant changes:

* Requirement paragraphs will be separated from the application text, so the auditor can identify the requirements more easily.

* Each standard will contain an objective to help the auditor better understand what the standard is meant to accomplish.

* All revised standards will carry the same effective date, which will be set far enough in the future to allow firms sufficient...

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