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ACCA Strategic Professional · Advanced Audit and Assurance (International) · International regulatory frameworks for audit and assurance services

Marlow & Co, an audit firm, is asked by a client's board why the firm applies International Standards on Auditing (ISAs) rather than its own methodology. Which body develops and issues the ISAs?

The IAASB develops and issues the ISAs, along with quality management standards and other assurance pronouncements. IESBA writes the ethics Code, the IASB writes accounting standards, and the PIOB only oversees the public interest aspects of the process without setting auditing standards itself.

  1. AThe International Auditing and Assurance Standards Board (IAASB)Correct
  2. BThe International Ethics Standards Board for Accountants (IESBA)
  3. CThe International Accounting Standards Board (IASB)
  4. DThe Public Interest Oversight Board (PIOB)

Explanation

The IAASB sets ISAs, ISQMs and other assurance pronouncements under IFAC's umbrella. IESBA issues the Code of Ethics, the IASB issues IFRS Accounting Standards, and the PIOB oversees the standard-setting process rather than writing the standards.

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