The International Auditing and Assurance
Standards Board (IAASB) said its scope has expanded into standards
supporting assurance areas such as auditor reporting and financial
statement disclosures during the past year.
IAASB chairman Arnold Schilder said the scope
of the standard setter has become broader and far from only being
focused on building and clarifying International
Standards on Auditing (ISAs).
“In 2011, the IAASB continued building on the
clarified ISAs. It has explored many new and challenging auditing
topics, from auditor reporting and financial statement disclosures
to new pronouncements on auditing financial instruments and using
the work of internal audit functions,” Schilder explained.
The standard setter said its work has been
propelled by the global financial crisis and the renewed importance
of strong financial infrastructures to support financial
A full review of IAASB’s 2011 has been
published in the 2011 annual report Foundations for the