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Flashcards in International Auditing Deck (8):

The International Auditing and Assurance Standards Board (IAASB)

Member of the International Federation of Accountants (IFAC)

International Auditing


IAASB standards are for countries that don't have their own standards and help set the tone for the rest of the members who do have their own standards (AICPA)

IAASB doesn't override member standards

International Auditing


IAASB standards are based on a risk assessment approach

International Auditing


IAASB - No Internal Control audits

IAASB - No Referencing another Audit Firm

IAASB - Less detailed documentation

IAASB - Required: obtain written fraud assessment

IAASB - Required: location of auditor's home office

International Auditing


Standards set by International Ethics Standards Board for Accountants (IESBA)

Code of Ethics for Professional Accountants - Similar to AICPA Code of Professional Conduct

International Auditing


A) Covers all accountants

B) Covers Public accountants

C) Covers accountants in a business environment

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Accountants should have Integrity
Accountants should be Objective
Accountants should have Competence
Accountants should exercise Due Care
Accountants should maintain Confidentiality
Accountants should act Professionally

International Auditing


What are the threats/safeguards?
Does this new client threaten our ethics?
What are the conflicts of interest?
What are the threats/safeguards for offering a second opinion?
What are the threats/safeguards for receiving commissions or contingent fees?
Is our marketing truthful?
What are the threats/safeguards for receiving client gifts?
What are the threats/safeguards to objectivity?

International Auditing