International Auditing and Assurance Standards Board (IAASB)
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).
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.