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IFAC changes its structure for setting auditing standards

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27 Nov 2001

The Council of the International Federation of Accountants (IFAC) has revised significantly the structure and operation of the International Auditing Practices Committee (IAPC), which sets International Standards on Auditing (ISAs).

Among the changes:
  • New name: International Auditing and Assurance Standards Board (IAASB).
  • Revised objectives: To more clearly reflect that IAASB's goals are to develop auditing standards of high quality in the public interest.
  • Expanded membership: From 14 to 18 members, including 10 from IFAC member bodies, five from international audit firms (to be proposed by the Forum of Firms), and three non-auditor representatives.
  • IAASB meetings: Open to the public.
  • IAASB agendas and minutes: Available to the public.
  • Relationships with national auditing standard setters: A mandate to work closely, including undertaking joint coordinated projects, with the goal of convergence of standards for global acceptance.
  • IAASB technical resources: Increased.
Many of these changes are similar to those adopted when IASB replaced IASC earlier this year. The changes result from a study by a special task force: Final Task Force Report (PDF 87k).

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