International, assurance auditing, standards board (iaasb), Auditing

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International, Assurance Auditing, Standards Board (IAASB)

The prologue to the International Standards on Quality Control, Auditing, Assurance and Related Services is issued to help in understanding of the objectives and operating process of the International Auditing and Assurance Standards Board (IAASB) and the range and authority of the pronouncements it issues, as place forth in the IAASB’s Interim Terms of Reference.

The task of the International Federation of Accountants (IFAC), as lay out in its constitution, is “the universal development and improvement of an accountancy profession with synchronized standards, capable to give services of consistently high excellence in the public interest.”

In pursuing this task, the IFAC Board has recognized the IAASB to build up and issue, under its own authority, high excellence standards on auditing, assurance and associated services engagements, associated Practice Statements and quality control standards for utilize around the world.

The IAASB’s statement govern audit, assurance and associated services engagements which are conducted in accordance with the International Standards.

They do not overrule the local laws or regulations which govern the audit of historical financial statements or assurance engagements on other information in a specific country needed to be followed in accordance with that country’s national standards. In the occasion that local laws or regulations vary from, or clash with, the IAASB’s Standards on a specific subject, an engagement conducted in accordance with local laws or policies will not automatically obey with them. A professional accountant must not represent compliance with the IAASB’s Engagement Standards except the professional accountant has obeyed fully with all of those related to the engagement.

The IAASB is dedicated to the aim of developing a set of International Standards commonly accepted universal. To further this aim, the IAASB works considerately with national standard setters, and receives a lead role in joint projects with them, to encourage convergence among national and international standards and attain acceptance of IAASB’s Standards.


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