International Standards on Auditing

International Standards on Auditing (ISAs) are set by the International Audit and Assurance Standards Board (IAASB). The role of the IAASB, according to their website, is as follows:

"The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing,quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession."

ISAs provide guidance to audit practitioners with regard to how to perform an audit and the standards of implementation that are expected from them. Whilst they are not enforceable on a global basis, most developed nations have adopted them in place of national standards on auditing in the wake of the Enron crisis.

National standard setters can modify ISAs to ensure auditors remain compliant with any relevant national laws or regulations.

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