IAASB

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body under the International Federation of Accountants (IFAC). It develops and issues auditing and assurance standards and related guidance for use by auditors and assurance professionals worldwide. The IAASB aims to enhance the quality, consistency, and comparability of financial information through high-quality international standards.

The IAASB was established in 2002 as the successor to the International Auditing Practices Committee (IAPC) of IFAC, which began in the 1970s. It operates under IFAC’s governance framework and follows a transparent due-process process that includes public consultation, exposure drafts, and revisions before final issuance.

Key outputs include International Standards on Auditing (ISAs), International Standards on Assurance Engagements (ISAEs), and related standards such as International Standards on Review Engagements (ISREs) and International Standards on Quality Management (ISQMs) for firms. These standards cover audits of financial statements and a range of assurance engagements on information beyond financial statements, including controls and other disclosures. The IAASB also produces implementation guidance and support materials to aid adoption and consistent application.

Adoption and impact vary by jurisdiction, but IAASB standards are widely used or referenced in national law or regulation, sometimes in full or with jurisdiction-specific modifications. The IAASB frequently updates standards to reflect evolving practice, technology, and global regulatory developments.

The IAASB collaborates with other IFAC boards and international bodies to harmonize practice and facilitate consistent application of high-quality assurance standards. It maintains ongoing relationships with regulators, standard-setters, and national standard-setters to support global convergence of auditing and assurance practice.