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IFAC FOCUS AREAS
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- 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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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.
Summary of changes in AU-C Section 402 from the previous Statement on Auditing Standards No. 114.
Discusses the analytical procedures and tests of balances under AU-C Section 500.
AU-C Section 500 describes the sufficiency and appropriateness of audit evidence.
AU-C Section 330 requires the auditor to design and implement overall responses for the assessed risks of material misstatement at the financial statement level.
With new-style audit reporting due to begin next year, auditors around the world are bracing themselves for the accompanying challenges.