Introduction to auditing and accounting standards and guidelines

The professional accounting bodies are very anxious
to improve and maintain high standards in the conduct of audits and to that end
they set up the auditing practices board (APB). This authoritative body, which
is part of the financial

reporting council issues:

·        
International
standards on auditing (ISA) which are mandatory and which we will be dealing
with at length in this book;
·        
Practice
notes which are helpful and indicative of good practice; and
·        
Bulletins
which comment on items of current interest.
These standards are derived from generic
international standards issued by the international auditing and assurance
standards board (IAASB) which is a committee of the international federation of
accountants (IFAC).

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