By-Laws and Rules of Accountant Federation

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Auditing
Problem 2-1
A. The objective of the IAASB is to provide the public interest by having the high quality auditing and by doing that, they enhance the quality and the practice throughout the world to strengthen the public confidence in the global auditing and assurance professions. They are dealing with auditing, review, other assurance, quality control, and related services. The International standards on auditing are issued by the International federation of accountants which then is through the International auditing and assurance standards board. It is their performance of the financial audit to gather the financial information. B. The due process is to ensure that the views of the standards and guidance are thoroughly considered. Research and consultation is based upon a draft statement or practice statement. Transparent debate is a agenda paper for discussion and debate on the meetings that they provide. Exposure for public comment is to expose drafts and they are no shorter than 120 days. Consideration of comment received on exposure is the comments and suggestions at the meetings that they provide and if they change then they will re-exposure it after being revised. Affirmative approval is the approval of the drafts then the international standards and practice statements are made by a vote by at least two thirds of the members. C. The IAASB is an independent standard setting body. Which it develops auditing and assurance standards and guidance for the use of the accountants. It is required for them to be transparent in its activities and to develop its international pronouncements following due process.

Works Cited
Arens, Alvin A., Randal J. Elder, and Mark S. Beasley. Auditing and Assurance Services: An Integrated Approach. Boston: Prentice Hall, 2012. Print. "International Auditing and Assurance Standards Board." N.p., n.d. Web. 11 Jan. 2013.
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