|
The development of world quality auditing standards
While the International Financial Reporting Standards receive significant publicity because of their effects on the reported results of companies, the standards governing the way in which the audits of financial statements are governed do not receive the same level of exposure.
The International Auditing and Assurance Board (IAASB) issues international standards on auditing and assurance, quality control and related services and is instrumental in facilitating the convergence of national standards and international standards. Currently more than 70 countries have adopted International Standards on Auditing (ISA) or use them as the basis for national standards. In Europe the Eighth Company Law Directive has specified that ISA should be used for all audits in all Member States.
To achieve the highest quality standards it is essential that they are understandable and based on clear and unambiguous principles resulting in consistency of interpretation. While ISA have been in existence for a number of years there is currently a project to re-draft standards in a way that makes them easier to read and clearly sets out the obligations imposed on professional accountants.
 Clarifying auditing standards - Download
|
