The International Auditing and Assurance Standards Board (IAASB)
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services. The IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession. [1]
Mission of the IAASB
The IAASB’s mission is to develop and issue, in the public interest, high-quality auditing and assurance standards and other pronouncements for adoption and application around the world. [1]
Authority and Structure of the IAASB
The IAASB operates under its own authority and within its stated terms of reference. [1] The IAASB is composed of a multi-stakeholder board comprised of a balanced group of individuals drawn from diverse stakeholder groups. [4] The Chair, Vice Chair, and members of the IAASB bring a strategic mindset to advancing the timely development in the public interest of new or revised standards. [4]
Role of the IAASB in Standard-Setting
The IAASB is designated as the responsible body to develop and issue high-quality auditing and assurance standards for adoption and application worldwide. [1] The standards developed by the IAASB are principle-focused and provide a framework for performing and promoting internal auditing. [3] These standards consist of statements of basic requirements for the professional practice of internal auditing and for evaluating its effectiveness. [8] The IAASB also provides interpretations that clarify terms or concepts within the statements to ensure correct application of the standards. [8]
The International Professional Practices Framework (IPPF)
The International Professional Practices Framework (IPPF) is the conceptual framework that organizes the authoritative guidance provided by the IIASB. [7] The IPPF includes mandatory guidance and recommended guidance for internal audit professionals worldwide. [7]
Conclusion
The IAASB plays a vital role in setting high-quality international standards for auditing and assurance. These standards enhance the quality and uniformity of practice throughout the world and strengthen public confidence in the global auditing and assurance profession.
Sources
- IAASB. (n.d.). About IAASB. Retrieved from https://www.iaasb.org/about-iaasb
- IIA. (n.d.). Standards. Retrieved from https://www.theiia.org/en/standards/
- IIA. (n.d.). What are the Standards for Professional Internal Auditing. Retrieved from https://www.theiia.org/en/standards/what-are-the-standards/
FAQs
What is the name of the international body that sets standards for the practice of internal auditing across the world?
The International Auditing and Assurance Standards Board (IAASB).
What is the mission of the IAASB?
To develop and issue, in the public interest, high-quality auditing and assurance standards and other pronouncements for adoption and application around the world.
How does the IAASB operate?
The IAASB operates under its own authority and within its stated terms of reference. It is composed of a multi-stakeholder board comprised of a balanced group of individuals drawn from diverse stakeholder groups.
What are the key responsibilities of the IAASB?
The IAASB is responsible for developing and issuing high-quality auditing and assurance standards, as well as providing interpretations and other guidance to ensure the effective implementation of these standards.
What is the International Professional Practices Framework (IPPF)?
The IPPF is the conceptual framework that organizes the authoritative guidance provided by the IAASB. It includes mandatory guidance and recommended guidance for internal audit professionals worldwide.
How can I access the IAASB’s standards and guidance?
The IAASB’s standards and guidance are available on the IAASB’s website: https://www.iaasb.org/
How can I get involved in the IAASB’s standard-setting process?
The IAASB welcomes input from stakeholders in the development of its standards and guidance. You can participate in the IAASB’s consultation process by submitting comments on exposure drafts and other consultation documents.
How can I stay up-to-date on the IAASB’s activities?
You can stay up-to-date on the IAASB’s activities by visiting the IAASB’s website, subscribing to the IAASB’s newsletter, and following the IAASB on social media.