chapter  4
18 Pages

International Standards on Auditing—Global Developments, Acting Institutions, and Status of Worldwide Adoption

ByHOLGER ERCHINGER

This chapter describes the following organizations involved in setting international auditing standards and discusses the global developments related to International Standards on Auditing (ISAs):

• International Organization of Securities Commissions (IOSCO) • International Federation of Accountants (IFAC) • Monitoring Group • Public Interest Oversight Board (PIOB) • The Forum of Firms (FOF) • International Auditing and Assurance Standards Board (IAASB)

2. GLOBAL INSTITUTIONS

IOSCO is an association of securities regulators who work together to protect investors and enhance the integrity and orderly operation of the global capital markets. IOSCO is recognized as the leading international policy forum for securities regulators and its members regulate more than 90 percent of the world’s securities markets in over one hundred jurisdictions.