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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
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AU-C Section 510 states that the objectives of the auditor in conducting an initial audit or reaudit is to obtain sufficient evidence regarding opening balances to determine they are free of misstatements that materially affect the current period’s financial statements.
This article focuses on the practical issues considering accounts receivable confirmations.
The new and revised auditor reporting standards are intended to enhance the communicative value and relevance of the auditor’s report, and may also improve audit quality and users’ perceptions of it.
From a technology perspective, the application of data and analytics (D&A) capabilities in the audit represents a major step forward in terms of the quality and insight that can be obtained. This report analyzes the areas in which the audit needs to evolve and the main challenges and factors affecting this transformation.
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.