ISAEF stands for the International Standard for the Assurance Engagements Framework. It is a comprehensive framework that establishes guidelines and principles for conducting assurance engagements. Assurance engagements refer to the professional services provided by auditors or practitioners to assess and enhance the credibility and reliability of information or systems. ISAEF provides a systematic and structured approach to deliver these services consistently and effectively.
The framework consists of a set of standards and guidance issued by the International Auditing and Assurance Standards Board (IAASB), a global standard-setting body for assurance engagements. ISAEF aims to ensure that such engagements are performed with proficiency, objectivity, and due care.
The fundamental objective of ISAEF is to provide users of assurance reports confidence that the engagements have been conducted in accordance with established professional and ethical standards. This includes auditors or practitioners adhering to independence requirements, exercising professional judgment, and using appropriate methodology and evidence to assess the underlying subject matter of the engagement.
ISAEF covers various types of assurance engagements, such as financial audits, compliance audits, and performance audits. It sets out principles, criteria, and procedures that should be followed during planning, execution, and reporting stages. It also emphasizes the need for skepticism and professional skepticism throughout the engagement process to ensure the credibility and reliability of the final assurance report.
Overall, ISAEF serves as a guiding framework that promotes consistency, reliability, and professionalism in the field of assurance engagements, enabling stakeholders to make informed decisions based on reliable information.
