![]() ![]() Auditing standards issued by the PCAOB.Auditing standards issued by the AICPA.In summary, the application of standards can be seen as follows: a) For privately held companies As of 2009, the CFC has fully adopted the international auditing standards issued by IFAC‘s IAASB, translating their content ipsis litteris (“with the same letters”). In Brazil, the Federal Accounting Council (CFC – Conselho Federal de Contabilidade), the official body that regulates the accounting profession (and, consequently, the activity of independent auditing), with the support of the Institute of Independent Auditors in Brazil ( Ibracon), issues the standards for independent auditing. The standards issued by IFAC‘s IAASB are of international application, for countries adhering to them. companies, or foreign companies that have securities traded on the U.S. The standards issued by the ASB, the AICPA, and the PCAOB, apply to professionals and their independent audit work on financial statements of U.S. In addition, the IAASB, which is also called the International Auditing and Assurance Standards Board, comprises part of IFAC, which is responsible for promulgating auditing and assurance standards. The IAASB is responsible for issuing ISA standards, which are standards for all auditors who are complying with international auditing standards. In addition to publishing auditing standards, the PCAOB is responsible for overseeing the work of independent auditing firms.Īlso called the Public Company Accounting Oversight Board, the PCAOB is a public body created under the jurisdiction of the SEC to set standards for audits of public companies, to promote peer reviews of external accounting firms, and to oversee the audit process for public companies.Ĭ) International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) The PCAOB is one of the regulators of auditing standards in the USA, together with the ASB, and is responsible for publishing auditing standards for publicly traded companies that are registered with the SEC. The ASB is one of the regulators of auditing standards in the USA, together with the PCAOB, and is responsible for publishing auditing standards for publicly traded companies that are registered with the SEC.ī) Public Company Accounting Oversight Board (PCAOB) In establishing the auditing standards, which comprise the basic rules that guide the performance of the professionals in the auditing area, three (3) normative organizations are involved: a) Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) They may be called upon to verify various economic data, or even non-financial information such as the quality of a company’s internal controls. However, auditors do not just audit financial information. Auditing standards and norms are set by various authorities with one common goal: to give assurance to the public that work is carried out in a professional manner, that misstatements are avoided, and that financial results are communicated clearly.
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