Professional Standards Flashcards
Describe the sources of professional standards on assurance & audit. Explain the standard setting process Explain significant current assurance issues
What does IAASB stand for?
International Auditing & Assurance Board (ISAAB)
What is the IAASB a subsidiary of?
The International Federation of Accountants (IFAC)
What does IFAC stand for?
International Federation of Accountants (IFAC)
What is the ISAAB’s standard setting process?
(1) A sub committee is established for the purpose of the new standard
(2) The sub committee issues an exposure draft for consideration by the IAASB and then IFAC members
(3) Where the appropriate, the exposure draft is revised as a result of feedback
(4) Once approved by the ISAAB, the international standard is issued.
Who issues auditing standards?
International Standards of Auditing & Assurance Board (ISAAB)
Who published the standards?
International Federation of Accountants (IFAC)
Who is the UK’s audit regulator?
The Financial Reporting Council (FRC)
