International auditing standards

Question

Quizplus · Accepted Answer

International auditing standards provide incentives to improve and extend the set of international accounting standards, as they work alongside these standards to ensure accuracy and transparency in financial reporting. They are developed by the International Auditing and Assurance Standards Board (IAASB), not FASB or G11 summits. While domestic auditing standards may be affected by international standards, it is not necessarily more difficult for developing countries to produce their own standards.

International Auditing Standards