Objective
Since ISAE 3000 (previously ISAE 100), Assurance Engagements was issued in June 2000, the IAASB literature has included basic principles and essential procedures for both the audit and review of historical financial information, and for what ISAE 3000 (previously ISAE 100) termed high level assurance engagements on subject matters other than historical financial information.
However, IAASB literature did not establish basic principles and essential procedures for what ISAE 3000 (previously ISAE 100) termed moderate level assurance engagements. An objective of this project has been to establish basic principles and essential procedures for all assurance engagements.
This project has resulted in the the issue of:
- International Framework for Assurance Engagements, which is effective for assurance reports dated on or after January 1, 2005 (earlier reference is permissible).
- ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, which is effective for assurance engagements where the assurance report is dated on or after January 1, 2005 (earlier application is permissible).