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
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.