International Auditing and Assurance Standards Board
The International Auditing and Assurance Standards Board , usually abbreviated as IAASB , is an international, private-sector body in the field of auditing that acts as a standard setter and in particular develops and publishes the International Standards on Auditing and International Standards for Assurance Engagements .
background
The IAASB is affiliated to the International Federation of Accountants founded in 1977 . It was created in 1978 under the name International Auditing Practices Committee to define the subject and scope of financial information auditing services and audit engagement letters and to develop general audit guidelines. In 1991 the guidelines developed to date were revised and consolidated; these were then published as International Standards on Auditing . After another comprehensive revision in 2001, the structure of the IPAC was revised and then in 2002 the IAASB was constituted as its successor. Two years later, a new framework for audit engagements was published, which lays down general principles for the procedure of auditors when taking on activities. Based on the findings from the global financial crisis , the framework was revised again almost ten years later, which was finally completed in 2013.
The IAASB consists of 18 members, the chairman of which is employed full-time at IFAC. According to the statutes, half of the members must come from the auditing profession or have worked here for many years in the past. The committee regularly publishes the so-called "Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements", which contains the current International Standards on Auditing and International Standards for Assurance Engagements as well as further guidelines and standards for the procedure by auditors when taking on activities. In addition, the IAASB publishes investigations and studies on current topics relating to auditing, for example on issues relating to the and effects of digitization and automation through data analytics on the audit.
Since the reform at the beginning of the new millennium, the IAASB has been working closely with national standard setters. In March 2006 this cooperation was formalized in the "Statement of Purpose of IAASB and National Auditing Standard Setters Liaison". Since then , the IDW auditing standards published by the Institut der Wirtschaftsprüfer have explicitly followed the International Standards on Auditing , taking into account adjustments to applicable German law . The current German representative on the committee is the Ulm university professor Kai-Uwe Marten .