endurskoðunarstöðlarnir

Endurskoðunarstöðlarnir, which translates to "Auditing Standards" in English, refers to the set of principles and guidelines that govern the conduct of audits. These standards are crucial for ensuring the quality, consistency, and reliability of financial reporting and assurance services. They are developed and maintained by professional accounting bodies and regulatory authorities, with the International Auditing and Assurance Standards Board (IAASB) being a prominent international standard-setter.

In most jurisdictions, auditing standards are divided into several categories. These typically cover the general principles of an audit, the responsibilities of the auditor, the planning and risk assessment process, the auditor's response to assessed risks, the conduct of audit procedures, and the reporting of audit findings. Adherence to these standards is mandatory for auditors performing statutory or regulatory audits.

The purpose of auditing standards is multifaceted. They aim to enhance public confidence in financial statements by requiring auditors to exercise professional skepticism, maintain independence, and possess adequate competence. They also provide a framework for auditors to design and perform audits that reduce audit risk to an acceptably low level. Furthermore, auditing standards facilitate the comparability of audit quality across different audits and jurisdictions. In essence, they are the bedrock upon which the integrity of the audit profession is built.