Step 1: Research and consultation is done and a draft of standards is prepared.
Step 2: The proposed standards are discussed at meetings, open to public
Step 3: Exposure drafts are put onto websites, and are widely distributed for comments for minimum 120 days.
Step 4: Any comments for the exposure drafts are discussed in the meeting that is open and the standards are revised.
Step 5: Approval is made by the affirmative vote of at least 2/3 members of IAASB members.
Chat with our AI personalities
Standards are principle-focused and provide a framework for performing and promoting internal auditing.
These are auditing standards set by the American Accounting Association's Auditing Standards Board. The Statements on Auditing Standards are developed chronologically, and the AU codification organizes them by topic.
general standards field work of standards reporting standards
The IAASB’s objective is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. Over 125 countries are using or are in the process of adopting or incorporating International Standards on Auditing (ISAs), issued by the IAASB, into their national auditing standards or using them as a basis for preparing national auditing standards. ISAs are intended for use in all audits — publicly traded companies, private business of all sizes and government entities at all levels. The European Commission is currently considering a process and timetable for endorsement of ISAs.
In 1992, the Auditing Standards Board established the GAAP hierarchy.