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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
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Audit and Assurance Alert: CSAE 3000 and CSAE 3001
July 16, 2015 - CPA Canada
Learn about the requirements pertaining to attestation engagements other than audits or reviews of historical financial information in accordance with CSAE 3000, and direct engagements in accordance with CSAE 3001.
How Artificial Intelligence Can Boost Audit Quality
July 15, 2015 - CFO.com
Using artificial intelligence, auditors may soon be able to provide clients with new ways to uncover risk hiding in plain sight in financial statements.
AU-C Section 510 states that the objectives of the auditor in conducting an initial audit or reaudit is to obtain sufficient evidence regarding opening balances to determine they are free of misstatements that materially affect the current period’s financial statements.
This article focuses on the practical issues considering accounts receivable confirmations.
Guidance on the importance of Quality Control with a panel of experts focusing on firm and engagement quality indicators, common quality control deficiencies and promoting a culture of quality.
The principal auditing standard specifically applicable to accounts, loans, and notes receivable is External Confirmations (AU-C Section 505). Some of the key issues in this clarified auditing standard are included in this article.
From a technology perspective, the application of data and analytics (D&A) capabilities in the audit represents a major step forward in terms of the quality and insight that can be obtained. This report analyzes the areas in which the audit needs to evolve and the main challenges and factors affecting this transformation.