The International Auditing and Assurance Standards Board (IAASB) is an independent
standards body
A standards organization, standards body, standards developing organization (SDO), or standards setting organization (SSO) is an organization whose primary function is developing, coordinating, promulgating, revising, amending, reissuing, interpr ...
that issues standards, like the
International Standards on Auditing
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA g ...
, International Standards on Quality Management, and other services, to support the international
auditing
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing al ...
of
financial statement
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to un ...
s. It is a body supported by the International Foundation for Ethics and Audit.
The
Public Interest Oversight Board
The Public Interest Oversight Board (PIOB) is an international body that oversees the International Federation of Accountants (IFAC) and seeks to improve the quality and public interest focus of the IFAC standards in the areas of audit, education, ...
provides oversight of the IAASB, ensuring that the standards are in the
public interest
In social science and economics, public interest is "the welfare or well-being of the general public" and society. While it has earlier philosophical roots and is considered to be at the core of democratic theories of government, often paired ...
.
To further ensure proposed standards are in the public interest the IAASB consults its Consultative Advisory Group, which is composed of standard setters, various international organizations from the private and public sectors, and regulators. Representatives include a balance of users and prepares of financial statements, and should to the extent practicable be balanced geographically.
Founded in March 1978 as the International Auditing Practices Committee (IAPC), the IAASB's current strategic objectives include:
* Increase the emphasis on emerging issues to ensure that the IAASB International Standards provide a foundation for high-quality audit, assurance and related services engagements
* Innovate the IAASB’s ways of working to strengthen and broaden our agility, capabilities, and capacity to do the right work at the right time
* Maintain and deepen relationships with stakeholders to achieve globally relevant, progressive and operable standards
About IAASB
See also
* International Organization of Supreme Audit Institutions
The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions. Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on th ...
* International Public Sector Accounting Standards
International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on Inter ...
References
External links
* IAASB website
* International Foundation for Ethics and Audi
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International accounting organizations
Auditing standards
International standards