The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that plays a crucial role in promoting transparency and enhancing the quality and reliability of auditing and assurance services across the globe. It establishes and improves internationally recognized auditing and assurance standards to provide guidance for auditors and assurance practitioners in conducting their work.
The IAASB operates under the auspices of the International Federation of Accountants (IFAC) and works alongside other standard-setting organizations to develop a consistent global framework for auditing and assurance. Its primary objective is to serve the public interest by enhancing trust and confidence in financial reporting.
The board comprises a diverse group of experts, including auditors, preparers of financial statements, regulators, and users of financial information. It actively engages stakeholders from various backgrounds to ensure that the standards it develops are relevant, responsive, and practical.
The IAASB's standards encompass a wide range of topics, including audit engagements, reviews of financial information, assurance engagements related to other aspects of financial information, and quality control procedures for firms performing audits and assurance services. These standards are known as the International Standards on Auditing (ISAs) and provide a globally recognized benchmark for high-quality audit and assurance services.
In summary, the International Auditing and Assurance Standards Board is an independent global body that sets standards for auditors and assurance practitioners, with the aim of enhancing transparency, accountability, and the reliability of financial reporting.
