Chapter 1 Solutions.docx - Chapter 1 Solutions Exercise 1 A “IFAC’s mission is to serve the public interest by contributing to the development of

Chapter 1 Solutions.docx - Chapter 1 Solutions Exercise 1 A...

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Chapter 1 Solutions: Exercise 1: A. IFAC s mission is to serve the public interest by: contributing to the development of high- quality standards and guidance; facilitating the adoption and implementation of high-quality standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms and to high-quality practices by professional accountants, and promoting the value of professional accountants worldwide; and speaking out on public interest issues. B. IFAC is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce. IFAC members are professional accountancy organizations recognized by law or general consensus within their countries as substantial national organizations. C. The following standard setting bodies are under the supervision of IFAC: International Auditing and Assurance Standards Board (IAASB) International Accounting Education Standar ds Board (IAESB) International Ethics Standards Board for Accountants (IESBA) IFAC s Compliance Advisory Panel The PIOB also oversees the respective Consultative Advisory Groups of the IAASB, IAESB, and IESBA Exercise 2: A. The IAASB s objective is to serve the public interest by setting high-quality auditing, assurance, and other related standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. B.
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  • Fall '17
  • International Auditing and Assurance Standards Board, International Accounting Education Standards Board

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