Primary navigation:

QFINANCE Quick Links
QFINANCE Topics
QFINANCE Reference
Add the QFINANCE search widget to your website

Home > Auditing Best Practice > The Complex World of International Auditing Regulation

Auditing Best Practice

The Complex World of International Auditing Regulation

by Christopher Humphrey and Anne Loft

Making It Happen

For international audit regulation to meet the claims laid out for it, in terms of global scope and consistency of application, requires a variety of actions and commitments on the part of the international financial regulatory community. Some of the more frequently mentioned priorities include:

  • ISAs to be fully endorsed by international financial regulators;

  • ISAs to be adopted globally for listed company audits;

  • IFAC to continue to operate as an international organisation acting in the global public interest;

  • Greater global coordination of the work of audit regulatory and oversight bodies;

  • Enhanced visibility of the quality and achievements of audit work.

References

  • IFAC. Regulation of the Accountancy Profession. New York: IFAC, 2007.
  • IFAC. International Standard Setting in the Public Interest. New York: IFAC, 2008. IOSCO. Contingency Planning for Events and Conditions Affecting Availability of Audit Services: Final Report, Technical Committee of the International Organization of Securities Commissions. Madrid: IOSCO, 2008.
  • PIOB. Third Report of the PIOB, Madrid, Public Interest Oversight Board, 2008.

Abbreviations

ACCAAssociation of Chartered Certified Accountants
AICPAAmerican Institute of Certified Public Accountants
BCBSBasel Committee on Banking Supervision
CAP Compliance Advisory Panel
EUEuropean Union
FSF/(FSB)Financial Stability Forum/Board
GPPCGlobal Public Policy Committee
GPPSGlobal Public Policy Symposium
IAASBInternational Auditing and Assurance Standards Board
IAISInternational Association of Insurance Supervisors
IFACInternational Federation of Accountants
IFIARInternational Forum of Independent Audit Regulators
IFRSInternational Financial Reporting Standard
IMFInternational Monetary Fund
IOSCOInternational Organization of Securities Commissions
ISAInternational Standard on Auditing
ISQCInternational Standard on Quality Control
PIOBPublic Interest Oversight Board
PCAOBPublic Company Accounting Oversight Board
ROSCReport on Standards and Codes (World Bank)
SECSecurities and Exchange Commission

Notes

1 See www.web.ifac.org/download/2008_IAASB_Annual_Report.pdf

2 The FSF was re-established as the Financial Stability Board (FSB) in April 2009. See www.fsforum.org/press/pr_090402b.pdf

3 See www.fsforum.org/cos/key_standards.htm

4 See www.sec.gov/news/speech/2007/spch121007lj.htm

5 See www.web.ifac.org/clarity-center/index

6 See www.webcpa.com/news/Accountants-Uncertain-IFRS-Roadmap-50340-1.html

7 See www.ifac.org/Ethics/Resources.php

8 See www.worldbank.org/ifa/rosc_aa.html

9 See www.ifac.org/ComplianceProgram/

10 IFIAR’s formal charter can be found at www.frc.org.uk/images/uploaded/documents/IFIAR%20Charter1.pdf

11 See www.europa.eu.int/rapid/pressReleasesAction.do?reference=IP/05/1596&format=HTML&aged=0&language=EN&guiLanguage=en

12 See www.ft.com/cms/s/0/198b3e42-6edd-11dd-a80a-0000779fd18c.html?nclick_check=1

Back to Table of contents

Further reading

Back to top

Share this page

  • Facebook
  • Twitter
  • LinkedIn
  • Bookmark and Share