International Auditing Issues Flashcards

1
Q

Who can be members of the International Federation of Accountants (IFAC)?

A

Accounting organizations such as the AICPA can be members of IFAC, but individual accountants cannot be members.

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2
Q

What is the role of International Federation of Accountants’ (IFAC’s) International Auditing and Assurance Standards Board (IAASB)?

A

In general, to be the global standard-setting body related to auditing, review, other assurance services, and quality control, and to facilitate convergence of national and international standards; With respect to auditing specifically, to issue International Standards on Auditing (ISAs) applicable to the audit of historical financial information.

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3
Q

What is the role of the International Federation of Accountants’ (IFAC’s) Public Interest Oversight Board (PIOB)?

A

The PIOB provides oversight to ensure that IFAC’s standards, including auditing standards and ethical standards, are responsive to the public interest and to enhance investor confidence in these standards.

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4
Q

List the four standard-setting boards of the International Federation of Accountants (IFAC).

A

The International Auditing and Assurance Standards Board (IAASB); The International Ethics Standards Board for Accountants (IESBA); The International Public Sector Accounting Standards Board (IPSASB); and The International Accounting Education Standards Board (IAESB).

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5
Q

Who issues the International Financial Reporting Standards (IFRS)?

A

The International Accounting Standards Board (IASB), which is an independent accounting standard-setting body that is not affiliated with IFAC. IFAC is not an “accounting” standard-setting body.

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