The development and status of ISAs 7 / 8

The development and status of ISAs

Setting the Standards

  1. IAASB reviews auditing developments and takes suggestions from interested parties.

  2. Project task force appointed to work on the detail.

  3. Consultation by meeting or consultation paper.

  4. Draft standard produced and commented on by interested parties for a period of 120 days (Exposure period).

  5. Project task force considers comments and amendments made if appropriate.

  6. If changes significant there may be another exposure period.

  7. Standard finalised and approved by meeting of IAASB at which there must be a minimum of 12 members.

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