IAASB - Interim Terms of Reference (Aug.2004)

IAASB - Interim Terms of Reference (Aug.2004) - Interim...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Interim Terms of Reference Auditing Standards and Practices Council INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD – INTERIM TERMS OF REFERENCE
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Interim Terms of Reference INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD – INTERIM TERMS OF REFERENCE The International Auditing and Assurance Standards Board – Interim Terms of Reference has been approved by the Board of the International Federation of Accountants in July 2003 and revised in November 2003. In light of discussions currently being held with regulators and other interested parties involving proposed reforms to IFAC and its committees these terms of reference provide interim guidance to IAASB on the manner in which it should operate. In the year 2001, the Auditing Standards and Practices Council (ASPC) of the Philippines has decided to adopt International Standards on Auditing (ISAs) and International Auditing Practice Statements (IAPSs) issued by the then International Auditing Practices Committee (IAPC), now the International Auditing and Assurance Standards Board (IAASB) which was established by the International Federation of Accountants (IFAC) to take over the development and issuance of International Standards on Quality Control, Auditing, Assurance and Related Services, collectively referred to as IAASB’s Standards and Practice Statements. As part of its decision to adopt IAASB’s technical pronouncements, the ASPC has adopted the “International Auditing and Assurance Board – Interim Terms of Reference.
Background image of page 2
Interim Terms of Reference INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD – INTERIM TERMS OF REFERENCE 1 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 International Auditing and Assurance Standards Board (IAASB) to develop and issue, in the public interest and under its own authority, high quality auditing and assurance standards for use around the world. The IFAC Board has determined that designation of the IAASB as the responsible body, under its own authority and within its stated terms of reference, best serves the public interest in achieving this aspect of its mission. The IAASB functions as an independent standard-setting body under the auspices of
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/30/2011 for the course ECON 310 taught by Professor Johnsmith during the Spring '11 term at Kentucky.

Page1 / 6

IAASB - Interim Terms of Reference (Aug.2004) - Interim...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online