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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.
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.
Looks at the culmination of the risk assessment process and the final determination that detection risk has been reduced to an acceptably low level, thereby permitting an unqualified audit opinion on the financial statements.