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Preface To The International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services – CPA Philippine Auditing Standards

July 3rd, 2012 by Ben Daggers Philippine Standards on Auditing - Preface To The International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services

1. This preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (“International Standards” or “IAASB’s Standards”) is issued to facilitate understanding of the objectives and operating procedures of the International Auditing and Assurance Standards Board (IAASB) and the scope and authority of the pronouncements it issues, as set forth in the IAASB’s Interim Terms of Reference.   2. The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is “the worldwide development and enhancement of an accountancy profession with harmonized standards, able to provide services of consistently high quality in the public interest.” In pursuing this mission, the IFAC Board has established the IAASB to develop and issue, under its own authority, high quality standards on auditing, assurance and related services engagements (“Engagement Standards,” as defined in paragraph 13), related Practice Statements and quality control standards for use around the world.   3. The IAASB’s pronouncements govern audit, assurance and related services engagements that are conducted in accordance with International Standards. They do not override the local laws or regulations that govern the audit of historical financial statements or assurance engagements on other information in a particular country required to be followed in accordance with that country’s national standards. In the event that local laws or regulations differ from, or conflict with, the IAASB’s Standards on a particular subject, an engagement conducted in accordance with local laws or regulations will not automatically comply with them. A professional accountant should not represent compliance with the IAASB’s Engagement Standards unless the professional accountant has complied fully with all of those relevant to the engagement.

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