Press Releases/News Alerts
May 21, 2014
New York, New York
IAASB Notes Progress Toward a Single, Robust Language for Audit
Now Over 100 Jurisdictions Using or Committed to Using Clarified ISAs
As today’s global economy becomes increasingly interconnected, the International Auditing and Assurance Standards Board (IAASB) is pleased to note that the number of jurisdictions using, or committed to using, the clarified International Standards on Auditing (ISAs) has passed 100—marking an important achievement in global convergence.
The ISAs were thoroughly redrafted and revised during the IAASB’s Clarity Project, which finished in early 2009. Since then, the IAASB has monitored the uptake of the clarified ISAs. With the recent addition of several African countries – a development noted by IAASB Chairman Prof. Schilder during his recent speech in Cameroon in May – there is significant use of the clarified ISAs across six continents.
“We have seen a steady increase in the use of the Clarified ISAs over the years, with the ISAs also now translated into many languages. This demonstrates the importance the global community attaches to a set of global auditing standards that can be used for high-quality audits in both the private and public sectors,” noted Prof. Schilder.
About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.