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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
Unlocking the Value of Audit with Data & Analytics
June 19, 2015 - KPMG
The financial statement audit has long delivered compliance and confidence,
and it will continue to do so. But in today’s business environment this may not be
enough. Advances in technology and an explosion of data have changed the game.
Discusses the analytical procedures and tests of balances under AU-C Section 500.
FEE publication gives insight into the public oversight of the audit profession in Europe. This publication sets out, for 22 countries, the current state of affairs in audit oversight and the expected changes at national level based on the provisions of the 2014 EU audit reform.
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.
The AICPA's third-party verification request resources webpage contains articles and tools to help CPAs make informed decisions regarding requests and determine related or alternative services they may perform on a client's behalf.
With new-style audit reporting due to begin next year, auditors around the world are bracing themselves for the accompanying challenges.