International Standards on Auditing

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International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L) ISA guides the auditor to add value to the assignment hence building confidence of investors.

List of the Standards (ISAs)

Use of the ISAs

• European Union: The Audit Directive of 17 May 2006 enforces the use of the International Standards on Auditing for all Statutory audit to be performed in the European Union.

The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards. The Directive has given implementing powers to the European Commission, in order to adopt "en bloc" the ISAs in accordance with the Council Decision of 28 June 1999, also known as the "Comitology Decision".

• European Court of Auditors: the European Court of Auditors performs its audits in accordance with the IFAC and INTOSAI International Auditing Standards and Codes of Ethics, in so far as these are applicable in the European Community context.
• The United Nations Board of Auditors (the external audit of the UN) has adopted the ISAs ^[1] although this Board is composed of three Supreme Audit Institutions chairmen, usually using the INTOSAI Auditing Standards.^[2]

See also

• External audit standards
  • Hong Kong Standards on Auditing
  • The INTOSAI Auditing Standards or ISSAI of the International Organization of Supreme Audit Institutions, which are public sector external audit standards.
  • Generally Accepted Auditing Standards
  • Engagement Letter
• Financial reporting standards (referred to by the Internal and External Auditors; contain also audit considerations)
  • International Financial Reporting Standards, of the International Accounting Standards Board (IASB)
  • International Public Sector Accounting Standards, of the IPSASB standard-setting board of the IFAC
• Internal audit standards
  • Self-regulation initiative by the Institute of Internal Auditors: the International Standards for the Professional Practice of Internal Auditing, the ÍIA's Definition of Internal Auditing, and the IIA's Code of ethics

Notes and references

• "The Clarified Standards". International Federation of Accountants.

External links

• List of the Standards (ISAs) at ifac.org
• Institution for public sector audit standards