International Auditing Standards Flashcards
According to IFRS, which of the following (4) must be communicated to those charged with governance?
1-The auditor’s responsibilities in relation to the financial statement audit
2-The planned scope and timing of the audit
3-Significant timing of the audit
4-Auditor independence
The International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants only establishes a conceptual framework. What are the 5 principles of it?
The conceptual framework promotes compliance with five fundamental principles of professional ethics:
integrity, objectivity, professional competence and due care, confidentiality, and professional behavior
Who can be members of the International Federation of Accountants (IFAC)?
Accounting organizations such as the AICPA can be members of IFAC, but individual accountants cannot be members.
List the four standard-setting boards of the International Federation of Accountants (IFAC).
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).
Who issues the International Financial Reporting Standards (IFRS)?
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.
What is the role of the International Federation of Accountants’ (IFAC’s) International Auditing and Assurance Standards Board (IAASB)?
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.
