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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
Using international standards and best practices in the areas of accounting and auditing, the ADT is a quantitative tool for measuring the level of development of a country’s accountancy environment. The ADT provides a quantitative benchmark of a country’s position at a point in time and its progress toward greater implementation of these standards and practices.
According to the white paper Reimagining Auditing in a Wired World, published by the Emerging Assurance Technologies Task Force of the AICPA Assurance Services Executive Committee, technology can be used to transform auditing and improve audit effectiveness.
Accounts Payable and Accrued Expenses: The AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities is based on the accrual basis of accounting.
Audit & Assurance Alert
September 30, 2014 - CPA Canada
The what, why, and how to CAS 600 complying with requirements in group audits involving components in emerging markets
In this report the Working Group Future Accountancy Profession proposes 53 measures to improve the quality and independence of the audit in the Netherlands and to rebuild the trust.
Auditing Special Purpose Frameworks: Auditing Property and Equipment
September 24, 2014 - Accounting Web
A summary of basic accounting policies and applicable auditing standards and procedures for the AICPA'sFinancial Reporting Framework for Small- and Medium-Sized Entities, are presented in this article.
ACCA report summarizes the findings of an online survey into the views of Australian CFOs about the drivers of audit quality.