ABSTRACT
The chapter discusses the work of the independent International Auditing and Assurance Standards Board (IAASB) in issuing International Standards on Auditing (ISAs). Some countries have adopted ISAs as written while others have incorporated them in national law and practice. The idea of global ISAs for auditing is less well developed than the global IFRS Standards for accounting, but the influence is growing. There are obstacles to progress in individual countries in the form of national regulators, the state of development of the auditing profession and vested business interests that may not welcome change. National monitoring and review are very different globally. The audit report is the main method of communication from the auditor to external stakeholders. An expectations gap may arise where stakeholders feel that the audit report is not sufficiently communicative. Since 2014 the EU has used both a Directive to change national law and a Regulation which overrides national law. The result globally has been a continuation of increased statutory oversight of the audit process in member states and a move away from professional self-regulation. Examples of research are included.
