International Auditing and Assurance Standards Board (IAASB)

Question 1

What are the objectives of the IAASB?

Answer 1

1. Establishing high quality auditing standards
2. Establishing high quality standards and guidance for other types of assurance services
3. ” for other related services
4. ” covering the scope of services addressed by the ISAAB
5. Publishing other pronouncements on auditing and assurance matters

Question 2

What are the 5 steps of developing IAASB standards?

Answer 2

1. Research and consultation
2. Transparent debate
3. Exposure for for public comment
4. Consideration of comments
5. Affirmative approval