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May 8, 2012

IAASB broadens its scope

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 stability.

A full review of IAASB’s 2011 has been published in the 2011 annual report Foundations for the Future.

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