Revised auditing standard says "be prepared for anything".

• Position: IFAC News - Brief Article

The International Auditing and Assurance Standards Board of the International Federation of Accountants recently released ISA 300, Planning an Audit of Financial Statements.

The revised standard emphasizes that audit planning is a continual process and that unexpected events, changes in conditions or other circumstances may result in an auditor re-evaluating the planned audit procedures.

The standard is effective for audits of financial statements for periods beginning on or after Dec. 15, 2004.

For...