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12 Key Standards and Self Assessments- Code 7

7. International Standards on Auditing
(International Federation of Accountants)

Description | Standard

With greater cross-border capital movements, the need for increased consistency, transparency and comparability of financial information has become more acute. An audit subjects financial information to independent and objective scrutiny, increasing the reliability of financial information. International Standards on Auditing (ISAs) aim at providing consistently high-quality audits.

A body of standards has been issued, which cover: responsibilities, planning, internal control, audit evidence, using work of others, audit conclusions and reporting, specialized areas, international auditing practice statements, external auditors, and characteristics and considerations.

In order to provide practical assistance to auditors in implementing the ISAs or to promote good practice, International Auditing Practice Statements (IAPSs) are also issued by the IFAC.

A non-authoritative discussion of International Standards on Auditing and U.S. GAAS is included in the American Institute of Certified Public Accountants' codified AU Statements on Auditing Standards (Copyright © 2001 by American Institute of Certified Public Accountants, New York, NY 10036-8775) for informational purposes only.

Last Updated: 12/1/2010 8:42 AM