In This Issue:

1. IAASB Issues Audit Practice Alert on Fair Value Accounting
2. IAASB Issues Clarity Project Update; Urges Early Planning for Implementation
3. IAASB Issues Seven Revised ISAs
4. Staff of National Standard Setters Develop Paper on Review Engagements
5. IFAC Supports a Single Set of Auditing Standards
6. INTOSAI Issues Nine Exposure Drafts on Auditing Guidelines

1. IAASB Issues Audit Practice Alert on Fair Value Accounting

The staff of the International Auditing and Assurance Standards Board (IAASB) has released an audit practice alert, Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment, which highlights areas within the International Standards on Auditing that are particularly relevant for auditing fair values.

The alert may be downloaded free-of-charge from the IAASB section of the IFAC website (www.ifac.org/iaasb).

2. IAASB Issues Clarity Project Update; Urges Early Planning for Implementation

The staff of the International Auditing and Assurance Standards Board (IAASB) has issued a Clarity Project Update, which outlines the final stages of the Clarity Project, and urges all auditors to consider implementation plans as soon as practicable. The IAASB is expected to complete its 18-month Clarity Project of applying clarity drafting conventions to all 36 International Standards on Auditing (ISAs) by December. The final clarified ISAs will go to the Public Interest Oversight Board for consideration and approval of due process in February 2009. They are effective for audits of financial statements for periods beginning on or after December 15, 2009.

The Update can be accessed from: http://www.ifac.org/IAASB/Resources.php.

3. IAASB Issues Seven Revised ISAs

Following the consideration and approval of due process by the Public Interest Oversight Board, the International Auditing and Assurance Standards Board (IAASB) has released seven clarified International Standards on Auditing (ISAs). The standards have been revised along the IAASB's new clarity conventions and include ISA 200 (Revised and Redrafted), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, which serves as a fundamental standard delineating the purpose and scope of the auditing process.

The revised ISAs can be downloaded free-of-charge from the IAASB section of the IFAC bookstore (http://ifac.org/store).

4. Staff of National Standard Setters Develop Paper on Review Engagements

The staff of three national auditing standard setters have developed a consultation paper to assist the International Auditing and Assurance Standards Board in its efforts to revise International Standard on Review Engagements 2400, Engagements to Review Financial Statements. The paper is titled Matters to Consider in a Revision of International Standard on Review Engagements (ISRE) 2400, "Engagements to Review Financial Statements," and was produced by staff of the Professional Standards Board of New Zealand, the Auditing and Assurance Standards Board of Canada and the Independent Regulatory Board for Auditors of South Africa. Comments are requested through December 15, 2008.

The consultation paper can be downloaded from the IFAC website (http://ifac.org/EDs.)

5. IFAC Supports a Single Set of Auditing Standards

The International Federation of Accountants (IFAC) has issued a policy paper titled IFAC's Support for a Single Set of Auditing Standards: Implications for Audits of Small and Medium-sized Entities. The paper explains IFAC's view that International Standards on Auditing are designed to be applicable to audits of entities of all sizes and outlines the methods by which the International Auditing and Assurance Standards Board considers the needs of small- and medium-sized entities when developing these standards.

All IFAC policy papers may be downloaded from the IFAC website by going to http://www.ifac.org/Store/.

6. INTOSAI Issues Nine Exposure Drafts on Auditing Guidelines

The Financial Audit Guidelines Subcommittee of the International Organization of Supreme Audit Institutions (INTOSAI) recently issued nine exposure drafts of proposed Auditing Guidelines. Each proposed Guideline includes a Practice Note that explains the application of a relevant International Standard on Auditing in an audit of financial statements in the public sector.

The exposure drafts can be accessed at http://www.issai.org/composite-344.htm. They are indicated as "open for comment." Interested parties can register at http://www.issai.org/composite-355.htm to receive email updates on the professional standards and guidance issued by INTOSAI.

For more information about any of the items mentioned above or other information about IFAC, please contact: pr@ifac.org.

About the IAASB and IFAC

The objective of the IAASB, an independent standard-setting board under the auspices of IFAC, is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.