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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 profession is engaged in an active and important debate about the impact of existing and expected audit exemptions. There is limited air space to debate assurance as well. However, assurance provides a route to other services that clients will need in place of statutory audits. So why not make the time?
ICAEW's Audit and Assurance Faculty has published The Journey milestone 2: assurance over risk disclosures to contribute to the discussion over whether assurance is helpful in the subjective and crystal-ball gazing world of organisational risk management
Staff Q&A - Applying ISAs Proportionately with the Size and Complexity of an Entity - Translated in Spanish.
As of May 2011, the Steering Committee for Statistical Auditing writes a monthly column for technical Accountant.nl. The Steering Committee for Statistical Auditing is connected to the Limperg Institute and aims to 'promote the correct (effective and efficient) use of statistical methods and techniques for audits and related controls on financial reports and statements. Articles in Dutch.
Auditors Still Challenged by Professional Skepticism
February 10, 2015 - CPA Journal
This articles provides a history and analysis of the concept of professional skepticism and reccomends how to improve audit results in the future.
Clarified Auditing Standards: The Terms of Engagement—Part 2
February 10, 2015 - Accounting Web
Additional issues from AU-C Section 210 and a discussion of planning issues that an engagement leader may wish to discuss with management and/or persons charged with governance when the engagement letter is delivered.
Auditing Standards: Terms of Engagement. When do you accept an audit engagement?