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Tougher Foreign Audit Standards; Latest FASB Update

Tammy Whitehouse | October 5, 2004

Last week, the International Auditing and Assurance Standards Board approved two new exposure drafts to stiffen audit documentation requirements and to clarify the language that sets forth professional requirements.

The IAASB is the independent standard-setting body for the International Federation of Accountants, charged with establishing professional standards to make the accounting practice more uniform globally.

In audit documentation, the IAASB issued International Standard on Auditing 230, which calls for tougher requirements for the documentation of any changes to audit working papers once an auditor’s report is issued. The draft also addresses documentation of any instance where an auditor decides to depart from standard practices.

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