Submission to the International Auditing and Assurance Standards Board (IAASB) on three of its new clarity exposure drafts (EDs):

The following three proposed standards have been redrafted following the new drafting conventions:

• ISA 260 (revised and redrafted) Communication with Those Charged with Governance
• ISA 320 (revised and redrafted) Materiality in Planning and Performing an Audit
• ISA 450 (redrafted) Evaluation of Misstatements Identified during the Audit

CPA Australia is generally supportive of the EDs and agrees that the new clarity format in which the ISAs have been redrafted will promote better understanding of and compliance with the requirements of the standards.