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IAASB

IAASB is the Acronym for International Auditing and Assurance Standards Board

An independent standard-setting body that operates under the auspices of the International Federation of Accountants (IFAC). The IAASB's main objective is to serve the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services and facilitating the convergence of international and national standards.

Mission and Objectives

The IAASB aims to enhance the quality and consistency of practice worldwide and strengthen public confidence in the global auditing and assurance profession.

  • Mission: The IAASB aims to enhance the quality and consistency of practice worldwide and strengthen public confidence in the global auditing and assurance profession.
  • Standards: The IAASB develops and issues International Standards on Auditing (ISAs), Quality Control (ISQCs), Review Engagements (ISREs), Assurance Engagements (ISAEs), and Related Services (ISRSs).

Composition and Governance

The IAASB consists of 18 members, including practitioners, public members, and non-practitioners. Members are appointed by the IFAC Board based on recommendations from the IFAC Nominating Committee.

  • Composition: The IAASB consists of 18 members, including practitioners, public members, and non-practitioners.
  • Governance: The IAASB follows a rigorous due process in developing its standards, which includes public consultations, exposure drafts, and consideration of stakeholder feedback.

Collaboration and Oversight

The IAASB works closely with national standard setters, regulators, and other international organizations to promote the adoption and implementation of its standards globally.

  • Collaboration: The IAASB works closely with national standard setters, regulators, and other international organizations to promote the adoption and implementation of its standards globally.
  • Oversight: The IAASB is overseen by the Monitoring Group, which consists of international regulatory bodies and organizations responsible for monitoring the international audit-related standard-setting process.