This report highlights the progress made to date and key findings from the first phase (Pre-Implementation Monitoring) of a two-phase initiative to evaluate whether the IAASB needs to make further changes to the 36 clarified International Standards on Auditing (ISAs) and clarified International Standard on Quality Control (ISQC) 1, which became effective January 15, 2009. 

Phase 1 began in June 2009 with the an information-gathering exercise to learn about the experiences of practitioners in preparing to implement the clarified ISAs.

Below you will find an update of recent and upcoming IFAC Translations & Permissions news. One of IFAC's primary objectives is to contribute to the development of international standards and guidance that enable accountants worldwide to provide high-quality services in the public interest. To achieve this objective, IFAC strives to make its publications widely available by enabling individuals to freely download them from its website and permitting interested parties to reproduce and translate them.

In this Issue

1. Highlights of 2011 Translations Achievements to Date
2. IFAC and the World Bank Partnership
3. Update on the Russian Translations Meeting
4. CReCER Highlights Need for Spanish and Portuguese Translations
5. What to Watch for in Q3 and Q4
6. New IFAC Website Coming Soon
7. Request for Translation Proposals
8. Important Notes Regarding IFAC Translations; Q&As and Other Resource

1.    Highlights of 2011 Translations Achievements to Date

IFAC continues to encourage a single, high-quality translation per language, and is pleased to highlight the following recent completed translations:

• The Handbook of International Public Sector Accounting Pronouncements - 2010 Edition was published in:
• Arabic - by the Arab Society of Certified Accountants (Jordan)
• Chinese - by the China Financial and Economic Publishing House, on behalf of the Ministry of Finance of the People's Republic of China
• Russian - by the Ministry of Finance of the Republic of Kazakhstan 
• The International Auditing and Assurance Standards Board (IAASB)'s clarified standards have been published in several additional languages, including Bulgarian, Danish, Georgian, Greek, Hungarian, Italian, Russian, and Ukrainian. 
• A synoptic version (English/German) of the 2010 edition of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements-Part 1 was published by Institut der Wirtschaftsprüfer (Germany), in cooperation with Institut Österreichischer Wirtschaftsprüfer (Austria), and Treuhand-Kammer (Switzerland)
• Translations of the Code of Ethics for Professional Accountants - 2010 Edition were published in Czech, Finnish, German, Polish, and Turkish
• Arabic translations of IFAC's Professional Accountants in Business Committee's Good Practice Guidance documents, Evaluating and Improving Governance in Organizations and Evaluating and Improving Costing in Organizations, were published by the Saudi Organization for Certified Public Accountants
• Translations of the following policy statements/positions in the five official UN languages (Arabic, Chinese, French, Russian, and Spanish) are now available on the IFAC website:
• Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants (December 2008)
• Policy for Translating and Reproducing Standards Issued by the International Federation of Accountants (December 2008)
• Modifications to International Standards of the International Auditing and Assurance Standards Board - A Guide for National Standard Setters that Adopt the IAASB's International Standards but Find It Necessary to Make Limited Modifications (Policy Position, July 2006)

If you know of other translations not currently listed in the translations database, or if you would like to translate one or more of our publications, please contact us at permissions@ifac.org.

2. IFAC and the World Bank Partnership 

IFAC and the World Bank have signed an agreement to be joint translating bodies for the Spanish translation of the 2011 Handbook of International Public Sector Accounting Standards. A Call for Nominations for Principal Translator and several Review Committee members was issued, and 24 high-quality nominations representing 14 countries were received. Based on the recently signed agreement between IFAC and the IFRS Foundation, this project will use the Spanish translation of IFRS as the basis for the translated IPSAS in order to achieve a high level of quality and consistency. Please see the upcoming issue of IFAC News for more details, including the names of the selected Principal Translator and Review Committee members.

3. Update on the Russian Translations Meeting

We previously reported on a meeting held at the 2010 World Congress of Accountants with representatives from numerous Russian-speaking organizations (mainly IFAC member bodies and associates) to discuss the possibility of collaborating on future Russian language translations of IFAC publications, including the IAASB's clarified standards. A project framework has now been established--led by the Russian Collegium of Auditors--to work toward a single, widely acceptable Russian language translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - Part 1. The project framework establishes a Review Committee consisting of two parts: experts and key stakeholders in Russia, and experts nominated from other Russian-speaking countries with an interest in using the translated standards. This translation will be performed using Trados translation memory software, which will help ensure a high-quality translation while also reducing processing time and the future need to perform multiple or new translations.

4. CReCER Highlights Need for Spanish and Portuguese Translations

Plenary and roundtable sessions held during the recent CReCER event in Buenos Aires, Argentina reinforced the need for high-quality and sustainable Spanish and Portuguese translations of standards and other materials published by IFAC in order to further adoption and implementation efforts in the region. We are seeing unprecedented cooperation to achieve a single and widely acceptable Spanish language translation of the IAASB's clarified standards, the Code of Ethics for Professional Accountants, and relevant implementation guidance documents from IFAC's Small and Medium Practices Committee. The Latin American Review Committee, consisting of representatives from IFAC member bodies in eight Spanish-speaking countries, is also making significant contributions to these translation efforts. The IFAC and World Bank partnership for the Spanish translation of the 2011 Handbook of International Public Sector Accounting Standards mentioned above is also a notable example of efforts to address some of the translation needs discussed during the CReCER event. Portuguese translations of the IAASB's clarified standards, as well as SME/SMP guidance documents, have also been performed and a Portuguese translation of the Handbook of International Public Sector Accounting Standards is in progress.

5. What to Watch for in Q3 and Q4

• 2011 Handbook of International Public Sector Accounting Standards in Arabic
• 2010 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements in Chinese
• 2009 Handbook of International Standards on Auditing and Quality Control in Spanish
• Code of Ethics for Professional Accountants (revised 2009) in Chinese, Russian, and Spanish

IFAC's Small and Medium Practices Committee's Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Second Edition, Guide to Quality Control for Small- and Medium-Sized Practices, Second Edition, and Guide to Practice Management for Small- and Medium-Sized Practices in Chinese and Spanish.

6.  New IFAC Website Coming Soon

We are currently in the process of redesigning the IFAC website to better suit your needs. The new site will feature a clean and modern design, a more intuitive architecture/navigation, expanded content, and topical and timely issues and insights. Since our information will be organized around issues and outputs--and include cross-referencing and tagging--it will be easier to find the information you're looking for, as well as related resources.

We're looking forward to launching the site later in 2011, and to hearing your feedback.

7.  Request for Translation Proposals

IFAC would especially welcome translation proposals for the following standards:

• Arabic, Chinese, or French translations of the Handbook of International Education Pronouncements - 2010 Edition
• French translation of the Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Second Edition

8.  Important Notes Regarding IFAC Translations; Q&As and Other Resources

• IFAC's publications are copyrighted material. Please refer to our relevant policy statements at www.ifac.org/Translations and always ask permission before reproducing or translating any IFAC publications. You can ask for permission by contacting permissions@ifac.org.
• IFAC member bodies and other stakeholders are among our best resources for keeping the Translations Database up to date. Always feel free to alert us to any errors or issues.
• Use your fellow IFAC members and stakeholders as a resource in your reproduction and translation efforts. Cooperating with other IFAC bodies helps to reduce duplication of efforts and leads to more efficient use of existing resources. You will also find a Questions and Answers document at: www.ifac.org/Translations.

About IFAC
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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce. 

This article, prepared by SMP Committee staff, summarizes key elements of the International Standard on Quality Control (ISQC) 1 and features five tips to help SMPs apply the standard in a cost-effective manner.

A Questions and Answers (Q&A) publication intended to assist professional accountancy organizations and others as they adopt and implement the Code of Ethics for Professional Accountants issued in July 2009.

This document, from October 2008, provides a progress update on the Clarity project to help those with responsibilities relating to audits of financial statements set in motion plans to ensure that audits are effectively carried out under the clarified ISAs when the standards come into effect.

All clarified ISAs will be effective for audits of financial statements for periods beginning on or after December 15, 2009.

In This Issue:

1. IPSASB Achieves Goal of Substantial Convergence with IFRSs
2. Outcomes of December IPSASB Rome Meeting
3. Exposure Draft Approved for Service Concession Arrangements
4. IFAC Launches Improved Publications Website
5. Share IPSASB eNews with Your Colleagues

1. IPSASB Achieves Goal of Substantial Convergence with IFRSs

The IPSASB has accomplished its strategic goal of achieving substantial convergence by December 31, 2009 with the International Financial Reporting Standards (IFRSs), dated December 31, 2008. During its December 8-11 meeting in Rome a series of new or improved standards were approved.

Three of these new International Public Sector Accounting Standards (IPSASs) deal with financial instruments:

• IPSAS 28, Financial Instruments: Presentation
• IPSAS 29, Financial Instruments: Recognition and Measurement
• IPSAS 30, Financial Instruments: Disclosures

The effective date of these three standards is for annual financial statements covering periods beginning on or after January 1, 2013.

In the current global economic environment, when governments are increasingly raising debt through the capital markets as a result of their financial interventions in the private sector, the need for well-developed financial instruments standards is urgent and will enhance transparency.

The IPSASB also approved for issue, IPSAS 31, Intangible Assets. The effective date of this standard is for annual financial statements covering periods beginning on or after April 1, 2011.

In addition, the IPSASB approved for issue Improvements to IPSASs, which includes amendments to converge existing IPSASs with the relevant IFRSs of the International Accounting Standards Board (IASB) and arise from improvements adopted by the IASB in May 2008. The effective date for this standard is for annual financial statements covering periods beginning on or after January 1, 2010.

The IPSASB issued another converged standard earlier this month - IPSAS 27, Agriculture.

The new standards will be available to download free of charge from the IFAC website (web.ifac.org/publications) in January 2010.

2. Outcomes of December IPSASB Rome Meeting

Meeting Highlights from the IPSASB's December meeting in Rome are now available in English, with plans to translate them into French and Spanish. At this meeting, the IPSASB addressed the following topics, among others:

• Substantial Convergence with IFRSs - See Item 1 above.
• Strategy - The IPSASB considered a number of aspects of its future strategy and operational plan for 2010-2012. Further to discussions initiated in September 2009, the need for public oversight of the IPSASB was identified as a desirable outcome and the IPSASB and IFAC will identify and evaluate oversight models in the future. Some key messages as far as strategic themes include the paramount importance of the public sector conceptual framework project and the urgent need to progress this project over the next three years. The IPSASB will continue with its strategy discussions in April at which time it will approve a work plan for 2010 while considering a longer term strategy and vision for the next few years.
• Conceptual Framework: Consultation Paper - Phase 1 - The IPSASB continued its review of the responses to the Consultation Paper, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. The paper explores the objectives of financial reporting and the scope of financial reporting. It also examines the qualitative characteristics of information included in general purpose financial reports.

The December 2009 meeting was the last under the chairmanship of Mike Hathorn; his three-year term ending on December 31, 2009. In addition to the significant achievement of substantial convergence with IFRSs, his tenure has been marked by a communications and outreach program that has contributed to the significant momentum involving global interest in, and the adoption of, IPSASB standards. 

The next IPSASB meeting will be held in Toronto, Canada on April 6-9, 2010.

3. Exposure Draft Approved for Service Concession Arrangements

The IPSASB has approved the proposed guidance, Exposure Draft (ED) 43, Service Concession Arrangements: Grantors, with a proposed publication date in February 2010 and a comment period to June 30, 2010.

The proposed guidance addresses the grantor accounting issues that correspond to the operator accounting issues addressed in International Financial Reporting Interpretations Committee (IFRIC) interpretation 12, Service Concession Arrangements. 

The ED is a mirror of IFRIC 12 in terms of the scope of arrangements covered, terminology and criteria for asset recognition. Application Guidance is proposed for applying certain existing IPSASs to various parts of a service concession agreement, including asset, liability, revenue, and expense items.

The ED will soon be accessible at the Exposure Drafts and Consultation Papers section of the IFAC website at www.ifac.org/Guidance/EXD-Outstanding.php.

4. IFAC Launches Improved Publications Website

IFAC has launched a newly redesigned Publications and Resources website that offers users expanded functionality and interactivity, as well as greater access to IFAC's growing selection of publications and guidance.

Featuring over 200 titles developed by IFAC boards and committees, the new site features a more modern appearance, enhanced navigation, and updated item descriptions.

The scope of the site has also been broadened to include a wider range of IFAC publications and resource materials, including adoption and implementation support materials, exposure drafts, and consultation Papers.

The site can be accessed at web.ifac.org/publications. The section devoted to IPSASB publications and resources can be found at web.ifac.org/publications/international-public-sector-accounting-standards-board.

5. Share IPSASB eNews with Your Colleagues

The IPSASB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them to subscribe to IPSASB eNews by following these simple steps:

    1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
    2. Enter your email address, name, and country.
    3. Select "Public Sector eNews" from the check list as well as any other eNews alerts that you would like to receive.

You will receive the next issue of the IPSASB eNews directly into your inbox.

For more information about any of the items mentioned above or other information about the IPSASB, please contact: communications@ifac.org or visit the IPSASB's home page at www.ipsasb.org.

About IFAC
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 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

Below you will find an update of recent and upcoming IFAC Translations & Permissions news. One of IFAC's primary objectives is to develop high-quality standards and guidance that enable accountants worldwide to provide services of consistently high-quality in the public interest. To achieve this objective, IFAC strives to make its publications widely available by enabling individuals to freely download them from itswebsite and permitting interested parties to reproduce and translate them.

In this Issue

1. 2010 Translations Achievements--Official UN Languages
2. Other Translations Activities
3. What to Watch for in 2011
4. Russian Translations Meeting
5. Trados Translation Memory Software
6. Request for Translation Proposals
7. Important Points Regarding IFAC Translations; Q&As and other Resources
8. IFAC Job Posting: Associate, Translations and Permissions

1. 2010 Translations Achievements--Official UN Languages

We continue to encourage a single, high-quality translation per language. The following are highlights in regard to translation of standards and other documents published by IFAC into the official languages of the United Nations (UN). More information can be found in the IFAC Translations Database at www.ifac.org/about-ifac/translations-permissions/translations-database.

• Arabic--An Arabic translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2010 Edition and the Handbook of the Code of Ethics for Professional Accountants - 2010 Edition were published by the Arab Society of Certified Accountants (Jordan).
  
  The Arabic language translation of the IFAC Professional Accountants in Business Committee publication,Defining and Developing an Effective Code of Conduct for Organizations (June 2007), was completed by the Saudi Organization for Certified Public Accountants.
• Chinese--The Chinese translation of the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements - 2010 Edition and the Handbook of the Code of Ethics for Professional Accountants - 2010 Edition is being performed by the Chinese Institute of Certified Public Accountants (CICPA). 
  
  In addition, a translation of the Handbook of International Public Sector Accounting Pronouncements - 2010 Edition is in progress by the China Financial and Economic Publishing House, on behalf of the Ministry of Finance of the People's Republic of China.
  
  Information about Chinese translations of the IFAC Professional Accountancy Organization Development Committee (formerly the Developing Nations Committee) publication, Good Practice Guide: The Education, Training, and Development of Accounting Technicians (2009), and the IFAC Professional Accountants in Business Committee publication, Financial Reporting Supply Chain-Current Perspectives and Directions(2008), performed by CICPA has been posted on the IFAC Translations Database. 
• French--Several IFAC member bodies collaborated to produce a single, high-quality French translation of the Code of Ethics for Professional Accountants (July 2009) of the International Ethics Standards Board for Accountants (IESBA). See more about this achievement in the most recent version of IFAC News.
  
  CGA-Canada has published a French translation of the IFAC Small and Medium Practices (SMP) Committee publication Guide to Quality Control for Small- and Medium-Sized Practices - Second Edition(July 2010).
• Russian--The Chamber of Auditors of the Republic of Kazakhstan is translating the Handbook of International Standards on Auditing and Quality Control - 2009 Edition into both Russian and Kazakh. 
  
  The Ministry of Finance of the Republic of Kazakhstan is translating the Handbook of International Public Sector Accounting Pronouncements - 2010 Edition into both Russian and Kazakh.
  
  Russian translations of the SMP Committee publication, Guide to Quality Control for Small- and Medium-Sized Practices (March 2009), and the Framework for International Education Standards for Professional Accountants (December 2009) of the International Accounting Education Standards Board (IAESB) were performed by the Collegium of Auditors (Kazakhstan).
• Spanish--The Latin American Review Committee, coordinated by the Federación Argentina de Consejos Profesionales de Ciencias Económicas and including participants from IFAC member bodies in numerous Latin American countries, has completed the review of the translation of the IAASB Glossary of Terms performed by the translating bodies of Spain--Instituto de Censores Jurados de Cuentas de España (ICJCE) and Instituto de Contabilidad y Auditoría de Cuentas (ICAC)--and is in the process of reviewing the translations of the individual ISAs and ISQC 1 performed by the two Spanish bodies. The goal is to publish, during the first part of 2011, a Spanish language translation of the 2009 IAASB Handbook that is acceptable for use in Spain and Latin America.
  
  ICJCE has completed a Spanish language translation of the revised Code of Ethics for Professional Accountants (July 2009) and is in the process of finalizing its review

2. Other Translations Activities

• Translations of the IAASB's clarified standards have been published in numerous European languages, including Croatian, Czech, German, Finnish, Lithuanian, Norwegian, Polish, Portuguese, Romanian, Slovakian, Slovenian and Swedish. Translations of the clarified standards into other official languages of the European Union have been completed and are presently subject to finalization of the review by the European Commission's Directorate General of Translations (DGT), prior to their publication.
• Numerous translations of the revised IESBA Code of Ethics for Professional Accountants, various SMP Committee implementation guidance documents, and other publications issued by IFAC have been performed. Please see the IFAC Translations Database for more information.

3. What to Watch for in 2011

The following is an overview of some developments to watch for in 2011:

• Planned publication by the Arab Society of Certified Accountants (Jordan) of the Arabic translation of theHandbook of International Public Sector Accounting Pronouncements - 2010 Edition
  
• Planned publication by IFAC of the following policy statements/positions in the five official UN languages (Arabic, Chinese, French, Russian, and Spanish):
1. Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants (December 2008) 
2. Policy for Translating and Reproducing Standards Issued by the International Federation of Accountants(December 2008) 
3. Modifications to International Standards of the International Auditing and Assurance Standards Board (IAASB) - A Guide for National Standard Setters that Adopt the IAASB's International Standards but Find It Necessary to Make Limited Modifications (Policy Position, July 2006)
• Translations of the IAASB's clarified standards in the other official languages of the European Union, to be published upon completion of the DGT review (including major world languages such as French, German, Italian, and Spanish)
• Planned publication of a Russian translation of the Handbook of International Standards on Auditing and Quality Control - 2009 Edition by the Chamber of Auditors of the Republic of Kazakhstan and Handbook of the Code of Ethics for Professional Accountants - 2010 Edition, being performed the Siberian Academy of Finance and Banking (Private Educational Institution of Higher Professional Education) (SAFB) and reviewed by representatives of various IFAC member bodies
• Possible Spanish language translations of certain SMP Committee implementation guides and the 2010 edition of the Handbook of International Public Sector Accounting Pronouncements (the latter with proposed funding by the World Bank)
• Possible translations of IFAC's Professional Accountancy Organization Development Committee's updated Toolkits into selected official UN languages

In connection with the 2010 World Congress of Accountants in Kuala Lumpur, Malaysia, IFAC hosted a meeting regarding the possibility of developing a single, high-quality Russian language translation of the IAASB's clarified standards that would be recognized by all Russian-speaking countries. Representatives of 14 organizations (mainly IFAC member bodies and associates) representing eight countries participated in the meeting.

There was strong interest in creating a multinational Russian language Review Committee to work towards this goal. By combining expertise and pooling resources, participating organizations will be able to achieve synergies and sustainable translation processes, thereby facilitating adoption and implementation of the clarified standards in individual countries.

5. Trados Translation Memory Software

IFAC's Translations function has recently commenced populating the translation memory software Trados with key terms and certain translated content. In addition to providing a central repository of translations, Trados will enable the creation of translation assets and development of sustainable translation processes. By storing translated content once in Trados, it will be possible to share and reutilize that content, thereby reducing processing time and the need to perform multiple or new translations. It will also enhance consistency in the use of translated terminology.

IFAC's member bodies and associates are encouraged to use Trados where possible to enhance the quality and efficiency of their translations and to more easily and effectively collaborate in regard to translations of standards and publications issued by IFAC. Please contact IFAC staff with questions or for relevant information.

6. Request for Translation Proposals

IFAC would especially welcome translation proposals for the following standards:

• Arabic, Chinese, or French translations of the Handbook of International Education Pronouncements - 2010 Edition
  
• Updated French translation of the Handbook of International Public Sector Accounting Pronouncements - 2010 Edition (the most recent French translation of the IPSASB Handbook is the 2007 edition)

7. Important Points Regarding IFAC Translations; Q&As and other Resources

• IFAC's publications are copyrighted material. Please refer to our relevant policy statements on www.ifac.org/about-ifac/translations-database and always ask permission before reproducing or translating any IFAC publications. You can ask for permission by contacting permissions@ifac.org.

• IFAC member bodies and other stakeholders are among our best resources for keeping the Translations Database up to date. Always feel free to alert us to any errors or issues.

• Use your fellow IFAC members and stakeholders as a resource in your reproduction and translation efforts. Cooperating with other IFAC bodies helps to reduce duplication of efforts and leads to more efficient use of existing resources. You will also find a helpful Questions and Answers (Q&A) document on our website:www.ifac.org/about-ifac/translations-permissions.

8. IFAC Job Posting: Associate, Translations and Permissions

IFAC is presently searching for an Associate for its Translations and Permissions function. The associate will support a wide range of activities, including using translation memory software to build translation assets, participating in/managing translation projects as appropriate, permission and contract management for translation and reproduction agreements, developing routines and processes, and assisting in the strategic development of the Translations and Permissions Department. For more information, please click here:

About IFAC
IFAC (www.ifac.org) 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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

It is my pleasure to be here with you today in the capital of Argentina at CReCER 2011. Before I begin, I’d first like to congratulate the organizers on their bringing together business, professional, and policy leaders from around the world to stimulate debate on strengthening financial systems in new economies. I’d also like to acknowledge Mr. Fermin del Valle, past president of the International Federation of Accountants (IFAC) from Argentina, who is in the audience today. He was IFAC’s president at the time of my appointment as IAASB chairman and hence one of the reasons Argentina holds special meaning for me.

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality standards for auditing, review, other assurance, quality control, and related services. Through its standards, the IAASB seeks to enhance the quality and consistency of practice throughout the world and strengthen public confidence in the auditing and assurance professional at the global and local levels.

I was appointed IAASB Chairman in 2009, when the work of my predecessor John Kellas and his team to establish the Clarity International Standards on Auditing (Clarity ISAs) was just completed—so I cannot take credit for that tremendous accomplishment. But I began my role at a very exciting time: taking the new Clarity ISAs and seeing that they are adopted and implemented globally, while also leading the IAASB to explore major new audit and assurance developments.