International Auditing and Assurance Standards

The International Auditing and Assurance Standards Board (IAASB) sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.

The IAASB’s objective is to serve the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession.

The IAASB consists of a full-time chairman and 17 volunteers from around the world. The 18 board members comprise nine practitioners with significant experience in the field of auditing and other assurance services and nine non-practitioners (including the chairman) who are not members or employees of an audit firm. At least three of the non-practitioners are public members: individuals who are expected to reflect, and are seen to reflect, the wider public interest. Members are appointed by the International Federation of Accountants (IFAC) Board based on recommendations from the IFAC Nominating Committee and are approved by the PIOB. All board members and their technical advisors are required to sign an annual statement declaring that they will act in the public interest and with integrity in discharging their responsibilities. In addition, there is a small number of observer members who have speaking rights at IAASB meetings but no voting rights. The IAASB is supported by a technical staff that has a wide range of standard-setting experience. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

The latest edition of the handbook includes:

  • ISA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements and amendments to other International Standards in response to the new requirements addressing non-compliance with laws and regulations (NOCLAR) in the IESBA International Code of Ethics for Professional Accountants . ISA 250 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2017.
  • ISA 540 (Revised), Auditing Accounting Estimates and Disclosures. The revisions ensure that the standard continues to keep pace with the changing market and fosters a more independent and challenging mindset in auditors. ISA 540 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2019.

Volume III includes the IAASB’s Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality, a topic that is a key focus area for the IAASB.

Please visit www.iaasb.org for more information.

2018 Handbook Volume 1
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2018 Handbook Volume 2
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2018 Handbook Volume 3
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