International auditing and assurance standards board, Auditing

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The International Auditing and Assurance Standards Board

The IAASB is a Board familiar by IFAC. The associates of the IAASB are selected by the IFAC Board to serve on IAASB. IAASB members carry on in the general interest of the public at large and the universal accountancy profession. This could product in their taking a place on a matter that is not in accordance with current practice in their country or firm or not in accordance with the position taken by those who place them forward for membership of the IAASB. Every IAASB member has the right to allocate one technical guide who might contribute in the talking about at IAASB seminars.

IAASB meetings to talk about the growth and to agree the issuance of International Standards, Practice Statements or other papers are unlocking to the public. Agenda papers, involving minutes of the meetings of the IAASB, are published on IAASB’s website.

The Authority Attaching to International Standards Issued by IAASB: The International Standards on Auditing (ISAs) is to be applying in the audit of the historical financial detail.

International Standards on Review Engagements (ISREs): are to be applied in the evaluation of historical financial detail.

International Standards on Assurance Engagements (ISAEs): are to be applied in reassurance engagements dealing with stream stuff other than the historical financial information.

International Standards on Related Services (ISRSs): are applied to the compilation engagements, engagements to apply approved upon process to information and other associated services engagements as identified by the IAASB.

ISREs, ISAs, ISAEs and ISRSs are communally termed to as the IAASB’s Engagement Standards.

International Standards on Quality Control (ISQCs): are to be applied for all the services falling beneath the IAASB’s Engagement Standards.

The IAASB’s Standards contain fundamental principles and necessary procedures (recognized in bold type writing) altogether with associated guidance in the form of descriptive and other material, involving appendices. The fundamental principles and necessary processes are to be understood and applied in the perspective of the descriptive and other material which provides guidance for their application. It is hence essential to consider the entire text of a Standard to recognize and apply the fundamental principles and necessary processes.

The nature of the IAASB’s Standards needs professional accountants to implement professional judgment in applying them. In exceptional conditions, a professional accountant might judge it essential to depart from a fundamental principle or necessary process of an Engagement Standard to attain more efficiently the objective of the engagement. Whenever such a condition arises, the professional accountant must be prepared to validate the departure.

Any restriction of the applicability of a particular International Standard is made apparent in the standard.

The Authority Attaching to Practice Statements Issued by the IAASB: International Auditing Practice Statements (IAPSs) are issued to give interpretive supervision and realistic assistance to professional accountants in applying ISAs and to encourage good practice.

Professional accountants must be aware of and believe Practice Statements applicable to the engagement. A professional accountant who does not believe and apply the guidance involved in a related Practice Statement must be prepared to elucidate how the fundamental principles and necessary processes in the IAASB’s Engagement Standard(s) addressed by the Practice Statement have been obeyed with.


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