The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing,quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession.

The IAASB’s Strategy and Work Program, 2009-2011 sets the direction and priorities for its activities. The IAASB’s current efforts are focused on:

• Developing standards for audit, quality control , review, other assurance, and related services engagements;
• Monitoring and facilitating adoption and implementation of those standards; this includes a series of ISA Modules, each of which consists of a short video and slides that explain the key principles of, and major changes in, some of the new and more significantly revised ISAs; and
• Responding to concerns about the implementation of the standards by conducting activities designed to improve the consistency with which they are applied in practice.

The IAASB follows a rigorous due process in developing its pronouncements. Input is obtained from a wide range of stakeholders including the IAASB's Consultative Advisory Group national auditing standard setters, IFAC member bodies and their members, regulatory and oversight bodies, firms, governmental agencies, investors, preparers, and the general public. Exposure drafts of proposed pronouncements are posted on the website and comments are invited; final pronouncements are accompanied by a basis of conclusions with respect to comments received. The Public Interest Oversight Board (PIOB) oversees the work of the IAASB and its CAG to ensure that the activities of the IAASB follow due process and are responsive to the public interest.

The IAASB is dedicated to operating as transparently as possible. IAASB meetings are open to the public and meeting agendas, agenda papers, and meeting highlights are posted on the website. In addition, the website includes project histories, audio recordings of the IAASB meetings, IAASB exposure drafts and all comments made on those drafts by stakeholders.

History

The International Auditing and Assurance Standards Board (IAASB) was founded in March 1978. It was previously known as the International Auditing Practices Committee (IAPC).

The IAPC’s initial work focused on three areas: object and scope of audits of financial statements, engagement letters, and general auditing guidelines. In 1991, the IAPC’s guidelines were recodified as International Standards on Auditing (ISAs).

In 2001, a comprehensive review of the IAPC was undertaken, and in 2002, the IAPC was reconstituted as the International Auditing and Assurance Standards Board (IAASB). In 2003, IFAC approved a series of reforms designed, among other things, to further strengthen its standard-setting processes, including those of the IAASB, so that they are responsive to the public interest.

In 2004, the IAASB began the Clarity Project, a comprehensive program to enhance the clarity of its ISAs. This program involved the application of new conventions to all ISAs, either as part of a substantive revision or through a limited redrafting to reflect the new conventions and matters of clarity generally.