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IFAC FOCUS AREAS
- Accountability. Now.
- Adoption of International Standards
- 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
Select Auditing Considerations for the 2015 Audit Cycle
October 12, 2015 - Center for Audit Quality
The CAQ identifies and discusses some of the areas of significant judgment and complexity for firms.
This article discusses even more group audit pre-engagement planning procedures.
Audit Quality: Key Initiatives and Implications for Audit Committee Oversight
September 29, 2015 - KPMG
A 60-minute webcast, including updates and insights on key financial reporting and legal/regulatory developments impacting audit committee and board oversight.
The Guide helps practitioners in conducting compilation engagements in accordance with the International Standard on Related Services (ISRS) 4410 (Revised) Compilation Engagements. Practitioners can use the Guide as an introduction to compilation engagements, to deepen their prior understanding and knowledge, as a day-to-day reference guide, or as the basis for training modules.
Clarified Auditing Standards: Consideration of Omitted Procedures
September 24, 2015 - Accounting Web
This assesses the effect of any omitted procedures on the auditor’s continued ability to support a previously expressed opinion on the financial statements and to respond appropriately.
Companies with a larger proportion of alumni among their accounting employees are significantly less likely to issue financial misstatements, and have lower absolute abnormal accruals. We also divide employees into categories by job rank and find that only lower level accounting employees have positive effects on both measures of audit quality.
10 ways a CPA firm can reduce professional liability in its accounting and auditing practice.