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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.
Home Auditing & Assurance
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, assurance, and other related Standards, and by facilitating the convergence of international and national auditing and assurance Standards. In doing so, the IAASB enhances the quality and consistency of practice throughout the world and strengthens public confidence in the global auditing and
Invitation to Comment, Enhancing Audit Quality in the Public Interest
The IAASB seeks feedback on its Invitation to Comment, Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits (the ITC).
The IAASB also has released a companion document, an Overview of the ITC, designed at soliciting feedback from investors, audit committees, and preparers.
The deadline for comment on both documents is May 16, 2016.
IAASB Finalizes Changes for Auditor Reporting on Special Purpose Financial Statements
The IAASB recently issued ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement.
ISA 800 (Revised) and ISA 805 (Revised) will become effective at the same time as the auditor reporting standards addressing general purpose financial statements–for audits of financial statements for periods ending on or after December 15, 2016.