International Auditing and Assurance Standards Board

In  1977,  the International  Federation  of  Accountants  (IFAC)  was  set  up  with  a  view  to bringing harmony in the profession of accountancy on an international scale.   In pursuing

this  mission,  the  IFAC  Board  has  established  the  International  Auditing  and  Assurance

Standards  Board  (IAASB)  to  develop  and  issue,  in  the  public  interest  and  under  its  own

authority,  high  quality  auditing  and  assurance  standards  for  use  around  the  world.    The

IFAC Board has determined that designation of the IAASB as the responsible body, under

its own authority and within its stated terms of reference, best serves the public interest in

achieving this aspect of its mission.

The  IAASB  functions  as  an  independent  standard-setting  body  under  the  auspices  of

IFAC.    The  objective  of  the  IAASB  is  to  serve  the  public  interest  by  setting  high  quality

auditing and assurance standards and by facilitating the convergence of international and

national  standards,  thereby  enhancing  the  quality  and  uniformity  of  practice  throughout

the  world  and  strengthening  public  confidence  in  the  global  auditing  and  assurance

profession.  The IAASB achieves this objective by:

a)  Establishing high quality auditing standards and guidance for financial statement audits that

are  generally accepted  and recognized by investors, auditors, governments, banking

regulators, securities regulators and other key stakeholders across the world;

b) Establishing  high  quality  standards  and  guidance  for  other  types  of  assurance  services  on

both financial and non-financial matters;

c) Establishing high quality standards and guidance for other related services;

d)  Establishing high quality standards for quality control  covering the  scope  of services

addressed by the IAASB; and

e)  Publishing  other  pronouncements  on  auditing  and  assurance  matters,  thereby  advancing

public understanding  of the roles and responsibility of professional auditors and assurance

service providers.