INTRODUCTION
In 2004, the International Auditing and Assurance Standards Board (“IAASB”) undertook a comprehensive endeavor to further enhance and clarify the existing ISAs. This journey came to its pinnacle point in 2009, when finally the Clarity Project was completed with 36 clarified auditing standards aimed not only to improve understandability of the ISAs but also to encourage consistent application and elevate the quality of audits performed, which have come under severe scrutiny over the recent years.