What is objective of iaasb?

Answer 1

The IAASB’s objective is to serve the public interest by setting high-quality auditing and

assurance standards and by facilitating the convergence of international and national auditing

and assurance standards, thereby enhancing the quality and consistency of practice throughout

the world and strengthening public confidence in the global auditing and assurance profession.

Over 125 countries are using or are in the process of adopting or incorporating International

Standards on Auditing (ISAs), issued by the IAASB, into their national auditing standards or using

them as a basis for preparing national auditing standards. ISAs are intended for use in all audits —

publicly traded companies, private business of all sizes and government entities at all levels. The

European Commission is currently considering a process and timetable for endorsement of ISAs.