IDWPrüfungsstandards

IDWPrüfungsstandards, published by the Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW), are auditing standards that govern the work of chartered accountants (Wirtschaftsprüfer) in Germany. These standards provide a framework for conducting audits of financial statements and other assurance engagements, ensuring consistency, quality, and reliability in the audit process. They are developed and updated by expert committees within the IDW to reflect current legal requirements, accounting principles, and auditing practices.

The IDWPrüfungsstandards are a comprehensive set of guidelines covering various aspects of auditing, including planning the audit, assessing risks, performing audit procedures, evaluating audit evidence, and reporting audit findings. They address specific types of audits, such as statutory audits of annual financial statements, voluntary audits, and special audits. The standards are designed to be aligned with international auditing standards, such as those issued by the International Auditing and Assurance Standards Board (IAASB), while also taking into account specific German legal and economic circumstances. Compliance with these standards is crucial for auditors to fulfill their professional responsibilities and to maintain public trust in the audit profession. The IDW also provides further guidance and training to its members to support the application of these standards.