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International Auditing and Assurance Standards Board (IAASB)

Background

The International Auditing and Assurance Standards Board (IAASB) functions as an independent standard setting body under the auspices of the International Federation of Accountants (IFAC).

The IAASB works to establish high quality auditing, assurance, quality control and related services standards and to improve the uniformity of practice by professional accountants throughout the world, thereby strengthening public confidence in the global auditing profession and serving the public interest.

Until 2002, the IAASB was known as the International Auditing Practices Committee (IAPC).

IASB pronouncements

IAASB pronouncements are of several types:

  • International Standards on Quality Control and the International Framework for Assurance Engagements apply to all types of assurance engagements
  • International Standards on Auditing (ISAs) and International Auditing Practice Statements (IAPSs) apply to audits
  • International Standards on Review Engagements apply to reviews
  • International Standards on Assurance Engagements and International Standards on Related Services apply to assurance engagements other than audits and reviews.

IAASB pronouncements are developed following a due process that includes input from the general public, IFAC member bodies and their members, and a Consultative Advisory Group that represents regulators, preparers, and users of financial statements.

IAASB projects are deliberated at meetings that are open to public observation.

Related news

  • New framework on audit quality

  • Feb 19, 2014

  • The International Auditing and Assurance Standards Board (IAASB) has published a framework on audit quality, which aims to raise awareness of the key elements of audit quality, encourage key stakeholders to do more to increase audit quality, and facilitate greater dialogue between key stakeholders on the topic.

  • IFAC calls for nominations for its boards

  • Jan 20, 2014

  • The International Federation of Accountants (IFAC) has issued a call for nominations to fill a total of 22 vacancies on its various standard-setting boards which will arise in 2015.

  • IAASB releases its proposed strategy and work plan

  • Dec 20, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has released a consultation paper outlining its proposed strategy for the five year period 2015-2019 and work program for the 2015-2016 period. The paper outlines three key strategic objectives around financial statement audits, global developments and collaboration, and puts forward a work plan that deploys the IAASB's resources "in a way that has the greatest potential to serve the public interest", including a focus on the audits of financial institutions.

  • IAASB issues standard on a broad range of assurance engagements

  • Dec 10, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has issued a revised standard on assurance engagements other than audits or reviews of historical information, such as financial statements. The revised standard would apply to engagements such as statements on the effectiveness of internal control, and assurance reports on sustainability reports and integrated reports. The revised standard provides guidance on the concepts of 'reasonable assurance' and 'limited assurance', and has guidance on the differences between the two levels of assurance.

  • Outcomes from the thirtieth ISAR session

  • Nov 11, 2013

  • The thirtieth session of the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) has held in Geneva on 6-8 November 2013. The meeting focused on the role sound corporate reporting infrastructure plays in promoting investment, financial stability and development. The main agenda items were country feedback on the 'Accounting Development Tool' being developed by ISAR, human resources development challenges in achieving high quality corporate reporting, and a review of good practices in sustainability reporting.

  • IAASB Chairman speaks about evolving role of auditors and auditor reporting

  • Aug 16, 2013

  • At the 2013 CReCER Conference in Nicaragua, Prof. Arnold Schilder, Chairman of the IAASB, delivered a speech on the evolving role of auditors and auditor reporting. He specifically discussed how he felt the proposals outlined in the recent exposure draft on auditor reporting would provide more value to users of financial statements.

  • IAASB exposure draft proposes significant changes to audit reports

  • Jul 26, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has released an exposure draft which proposes changes to audit reports, including the provision of more information on how audits are performed. Among other changes, a key development would be the introduction of a 'key audit matters' section in the audit report on audits of listed entity financial statements.

  • IAASB finds ISAs generally well understood

  • Jul 22, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has released a report of the results of its post-implementation review process on the 'clarified' International Standards on Auditing (ISAs). The findings of the review suggest the clarified ISAs are generally understood and most of those ISAs that had been revised appear to have achieved the goals that the IAASB had when they were revised.

  • IAASB issues annual report

  • Jun 10, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has released its 2012 annual report.

  • Conference on IFRS adoption and implementation in former Soviet republics in Europe and Central Asia

  • May 16, 2013

  • International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), and International Accounting Standards Board (IASB) are holding a two-day conference on 16-17 May 2013 to bring together representatives from national organisations of former Soviet republics in Europe and Central Asia. The event provides experiences regarding the application of International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and quality assurance requirements. Also, it provides representatives a forum to discuss topics relating to their jurisdiction.

  • Conclusions on governance and strategy review of IFAC member bodies

  • Apr 02, 2013

  • The Monitoring Group and Public Interest Oversight Board (PIOB) have published documents in response to their March 2012 consultation documents on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC). The reports outline a number of recommendations in relation to the governance and strategy of the various IFAC bodies, but does not make any recommendations on the governance of the International Public Sector Accounting Standards Board (IPSASB). The Monitoring Group has formally taken the question of IPSASB oversight onto its agenda, noting "its [own] composition and that of the PIOB currently are not appropriate to the needs of stakeholders in public sector accounting standards".

  • IAASB issues revised guidance on using internal auditors

  • Mar 20, 2013

  • The International Auditing and Assurance Standards Board (IAASB) has issued new requirements and guidance that address the auditor’s responsibilities if using internal auditors to provide 'direct assistance' under the direction, supervision, and review of the external auditor for purposes of the audit.

  • ACCA outlines policy positions on public sector reporting

  • Feb 14, 2013

  • The Association of Chartered Certified Accountants (ACCA) has released an updated paper outlining its policy positions on a range of themes for public services. In addition to a number of other themes, the paper supports the use of accrual accounting and sustainability reporting in the public sector, and puts forward policies and recommendations in these areas.

  • IFAC calls for nominations for 2014

  • Jan 16, 2013

  • The Nomination Committee of the International Federation of Accountants (IFAC) has issued a formal call for nominations to fill available positions on IFAC's various boards and committees.

  • Analysis of the main potential changes in auditing standards arising from the Exposure Draft of ISA 720 (Revised)

  • Dec 28, 2012

  • The UK Financial Reporting Council (FRC) invites comments on IAASB exposure draft of the revised auditing standard on the auditor’s responsibilities relating to other information accompanying audited financial statements before it finalises its response to the IAASB. In this connection, the FRC staff has prepared a detailed analysis of the main changes proposed in the exposure draft compared to the requirements in order to to assist those seeking to understand the implications of the proposals in the IAASB’s exposure draft.

  • CPA Australia guide to assurance on sustainability reporting

  • Dec 06, 2012

  • CPA Australia has released a new guide, which introduces sustainability reporting and provides guidance on assurance engagements for sustainability reports performed in accordance with ASAE 3000 'Assurance Engagements Other Than Audits or Reviews of Historical Financial Information'.

  • New standard on review engagements issued

  • Oct 02, 2012

  • the International Auditing and Assurance Standards Board (IAASB) has released revised International Standard on Review Engagements (ISRE) 2400 'Engagements to Review Historical Financial Statements'.

  • IESBA proposes to align ethics code with ISAs on 'those charged with governance'

  • Jul 23, 2012

  • The International Ethics Standards Board for Accountants (IESBA) has released an exposure draft which proposes to change to the definition of “those charged with governance” in the IESBA 'Code of Ethics for Professional Accountants' (the Code) to align it with International Standards on Auditing (ISAs).

  • IFAC announces 2012 editions of various handbooks

  • Jul 04, 2012

  • The International Federation of Accountants (IFAC) has announced the availability of the 2012 editions of the handbooks from the International Auditing and Assurance Standards Board (IAASB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB).

  • IAASB seeks comment on the future of audit reports

  • Jun 25, 2012

  • The International Auditing and Assurance Standards Board (IAASB) has released an Invitation to Comment: 'Improving the Auditor’s Report', which sets out the indicative direction of the board’s future standard-setting proposals to improve how and what auditors report in accordance with International Standards on Auditing (ISAs).

  • UK Sharman inquiry calls for global consistency in interpretation of "going concern"

  • Jun 14, 2012

  • The United Kingdom Sharman Panel of Inquiry, established at the invitation of the UK Financial Reporting Council (FRC) to consider going concern and liquidity risks, has published its final report and recommendations ('Sharman report'). One of the recommendations is that the FRC should engage with the IASB and IAASB "to agree a common international understanding of the purposes of the going concern assessment and financial statement disclosures about going concern, and of the related thresholds and descriptions of a going concern".