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IFAC FOCUS AREAS
- Accountability. Now.
- Developing the Global Profession
- Global Representation and Advocacy
- Professional Accountants in Business
- Small and Medium Practices
Independent Standard-Setting Boards
The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.
The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.
The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.
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Audit & Assurance
Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. High-quality international standards increase the comparability, consistency, clarity, credibility, and transparency of financial information. And, high-quality financial information, in turn, increases the stability of the global financial infrastructure. Read More
The IAASB is in an information-gathering phase of its project on agreed-upon procedures, which includes a revision of ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information, and consideration of more holistic issues involving agreed-upon procedures. Read More
SME Acquisitions and the Added Value of a Registered Auditor
by Daniel Kroes, President, of the Belgian institute of Registered Auditors; Audit Partner, Deloitte Bedrijfsrevisoren | March 23, 2015 |
Hiring a registered auditor when acquiring an SME can help to reduce obstacles and increase the success of the acquisition, according to recent insights from the Belgian Institute of Registered Auditors (IBR-IRE) Congress, “Acquisitions (Transfer and Takeover) of SMEs: Approach, Risks, and Valuation.” Read More
Quality Control in Accounting Practices—What Are the Specific Issues?
by Christopher Arnold, Technical Manager SME & SMP Affairs, IFAC and Sara Ashton, Senior Technical Manager, IAASB | March 19, 2015 |
The IAASB has issued a survey to inform the scoping of its quality control project, specifically with respect to issues encountered by small- and medium-sized practices (SMPs) in complying with the requirements of ISQC 1 and ISA 220. Read More
As audit thresholds for statutory audits around the world continue to rise, some companies will still choose voluntarily to be audited, but for those that don’t, the profession needs to be ready to offer valuable alternative assurance services. Read More
ISRS 4410: The Standard for Today’s Compilation Engagements
by Phil Cowperthwaite, Former Member, IFAC SMP Committee | January 22, 2015 | 1
With the growing demand for non-assurance services, compilation engagements conducted in compliance with the revised International Standard on Related Services (ISRS) 4410 provide new opportunities for professional accountants in practice and their clients. Read More
- 2014 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
October 8, 2014 - IAASB
- Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition
November 9, 2011 - IFAC
- Guide to Quality Control for Small- and Medium-Sized Practices, Third Edition
July 31, 2011 - IFAC