The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has reached another milestone in its Clarity Project. Following the consideration and approval of due process by the Public Interest Oversight Board (PIOB), the IAASB issued three final standards that reflect its new clarity drafting conventions:

• International Standard on Auditing (ISA) 230 (Redrafted), Audit Documentation;
• ISA 260 (Revised and Redrafted), Communication with Those Charged with Governance; and
• ISA 720 (Redrafted), The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements.

The standards form part of the IAASB's ambitious 18-month program to redraft existing standards and to develop new and revised standards following the clarity drafting conventions.¹
 
"The complete set of clarified ISAs, including some newly revised standards also under development, will be effective for audits of financial statements for periods beginning on or after December 15, 2009. We are releasing standards as they are approved in order to provide standard setters, regulators and auditors with sufficient time to plan for the adoption and implementation of the standards," explains John Kellas, IAASB Chairman.

Audit Documentation
ISA 230 (Redrafted) incorporates several enhancements and additional guidance to clarify the auditor's documentation obligations. In particular, it explains in clearer terms what is expected of the auditor in fulfilling the requirement to document compliance with ISAs, and provides clarifying guidance regarding the circumstances in which it is appropriate for the auditor to prepare audit documentation relating to the use of professional judgment. The flow of the requirements in the redrafted ISA, particularly in relation to changes to audit documentation after the date of the auditor's report, has also been simplified and clarified.

Communication with Those Charged with Governance
ISA 260 (Revised and Redrafted) has been fully revised. It sets out an overarching framework for communication with those charged with governance; it also identifies specific matters to be communicated by the auditor, including a requirement to communicate in writing about auditor independence. It acknowledges that law or regulation or an agreement with the entity, for example, may require that other matters be communicated. The ISA contains new requirements and guidance dealing with the communication process, including a specific requirement for the auditor to evaluate the adequacy of the two-way communication between the auditor and those charged with governance.

"The quality of the relationship between auditors and directors, audit committees and others charged with governance is one of the most important factors in achieving an effective audit. That is why the IAASB has emphasized the importance of two-way communication. A constructive and open working relationship between the auditor and those charged with governance not only assists the auditor in obtaining relevant information, but also assists those charged with governance in fulfilling their responsibility to oversee the financial reporting process," notes Mr. Kellas.

The Auditor's Responsibility in Relation to Other Information
ISA 720 (Redrafted) deals with the auditor's responsibility in relation to other information in documents containing audited financial statements and the corresponding auditor's report. It requires the auditor to read this other information and to respond appropriately when such information could undermine the credibility of the financial statements.

The clarified ISAs can be downloaded from the IFAC online bookstore at https://www.ifac.org/store.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 158 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.

¹ Key elements of the clarity drafting conventions include: establishing an objective for the auditor with respect to the subject matter of each standard; clearly distinguishing requirements from guidance on their application; avoiding ambiguity through eliminating the present tense to describe actions by the auditor and using more imperative language where a requirement was intended; and other structural and drafting improvements to enhance the overall readability and understandability of the standards.

To increase the accessibility of its guidance worldwide, the International Federation of Accountants (IFAC) has developed a database that enables professional accountants to locate third-party translations of its pronouncements in more than 30 languages. The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms. To facilitate translation and reproduction of its pronouncements, IFAC has released the following two updated policy statements: Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants; and Permission to State that the International Federation of Accountants has Considered a Translating Body's Process for Translating Standards and Guidance. These initiatives are the first of a number of ways in which IFAC is working to make its standards and guidance, especially those of its independent standard-setting boards, available to the widest international audience. This is central to IFAC’s mission of serving the public interest, promoting adherence to high quality professional standards, and furthering international convergence. The translations database and the policy statements can be accessed on the IFAC website at https://www.ifac.org/translations. Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 158 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.To increase the accessibility of its guidance worldwide, the International Federation of Accountants (IFAC) has developed a databasethat enables professional accountants to locate third-party translations of its pronouncements in more than 30 languages. The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms. To facilitate translation and reproduction of its pronouncements, IFAC has released the following two updated policy statements:

• Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants; and
• Permission to State that the International Federation of Accountants has Considered a Translating Body's Process for Translating Standards and Guidance.

These initiatives are the first of a number of ways in which IFAC is working to make its standards and guidance, especially those of its independent standard-setting boards, available to the widest international audience. This is central to IFAC’s mission of serving the public interest, promoting adherence to high quality professional standards, and furthering international convergence. The translations database and the policy statements can be accessed on the IFAC website at https://www.ifac.org/translations. Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 158 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Federation of Accountants (IFAC) has released a policy position on professional regulation of the accountancy profession in which it states that professional accountancy bodies, acting in the public interest, must play an active role in the regulation of the profession. The paper also emphasizes that effective regulation is "proportionate, transparent, implemented consistently and fairly, and subject to regular review."

In recognition of "World Accountancy Week," the International Federation of Accountants (IFAC) has released the results of its first annual Global Leadership Survey, which highlights issues the profession will be addressing in the coming year, national and regional perspectives on economic growth, and the profession's role in contributing to that growth.

Worldwide leaders of professional accountancy organizations believe that a strong accountancy profession plays a key role in economic development globally and nationally and that an important focus in 2008 will be maintaining the profession's good reputation, according to survey results. The IFAC survey also shows that in the coming year global accountancy leaders will focus on attracting new accounting talent to their ranks, particularly in regions such as sub-Saharan Africa, the Middle East, North Africa, and North America, where the most pressing staff shortages exist.

"Maintaining a strong reputation is critical to attracting and retaining talented accountancy professionals,"

At its Council and Board meetings in Mexico City last week, the International Federation of Accountants (IFAC) announced new resources to support professional accountants working in small and medium practices (SMPs) and approved a policy paper outlining its position on professional regulation. IFAC also approved three new associates and a new affiliate and announced the appointment of five new members to its Board.

To mark the 30th anniversary of IFAC’s founding, a special anniversary seminar was held during the Council meeting on the topic of The Financial Reporting Environment in the 21st Century. More than 200 individuals from IFAC member bodies and the Mexican accountancy profession attended the seminar, which addressed such topics as business reporting models of the future, the state of public sector financial reporting, and effective regulation. Speeches and presentations made at the seminar will be available on the IFAC website (https://www.ifac.org) in the coming weeks.

New Guide to Applying International Standards to SME Audits
At the Council meeting, IFAC SMP Committee Chair Sylvie Voghel reported that the committee had completed its review of new guidance to assist SMPs and other practitioners in delivering high quality audits of small and medium entities (SMEs). The new implementation guidance, Guide to Using ISAs in the Audit of Small- and Medium-sized Entities, is in the production stages and will be available in early December. The guide, developed by the Canadian Institute of Chartered Accountants on IFAC’s behalf, is designed to support SMPs and other practitioners in applying International Standards on Auditing (ISAs) to audits of SMEs.

Establishing Accountancy Bodies
During the meeting, IFAC also released a 2007 edition of its good practice guidance on establishing and developing professional accountancy organizations. This updated and expanded toolkit, entitled Establishing and Developing a Professional Accountancy Body, addresses the roles and responsibilities of a professional accountancy body, education and examination, and capacity development. It also includes new guidance on enhancing the public sector focus of the profession. French, Russian and Spanish translations of the guidance are also available from the bookstore. The toolkit is available in downloadable format and on CD-ROM from the IFAC online bookstore (https://www.ifac.org/store).

Professional Regulation
The Board approved an IFAC position on professional regulation. The paper formalizes its view that professional accountancy bodies and governments share a common objective of ensuring that professional accountants serve the public interest and meet high standards in the quality of the services they provide and that both professional accountancy organizations and governments need to work together to ensure an effective and efficient regulatory mix. The paper will be posted to the IFAC website in the next few weeks.

New IFAC Associates and Affiliate
The Council accepted three new organizations as associates of IFAC:

• Cayman Islands Society of Professional Accountants;
• Mauritius Institute of Professional Accountants; and
• Ordre National des Experts Comptables et Comptables Agréés du Sénégal.

In addition, the Council accepted the Nederlandse Orde van Register EDP-Auditors as an affiliate.

New IFAC Board Members Appointed
The IFAC Council also approved the nomination of five new members to the IFAC Board to serve three-year terms. They are Luiz Carlos Vaini of Brazil, Abdeljelil Bouraoui of Tunisia, Japheth Katto of Uganda, Robert Hodgkinson of the United Kingdom, and Olivia Kirtley of the United States. In addition, the IFAC Council approved the reappointment of two IFAC Board members for a second term: Roberto D’Imperio of Italy and Göran Tidström of the Nordic Federation. A complete list of the members of the November 2007 to November 2008 IFAC Board is available as an appendix to this release.

About IFAC
Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 158 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

IFAC Board (November 2007 – November 2008)
Fermín del Valle, President
Robert Bunting, Deputy President
United States
Joycelyn Morton, Australia
Luiz Carlos Vaini, Brazil
Kevin Dancey, Canada
Sylvie Voghel, Canada
Yugui Chen, China
William Nahum, France
Norbert Pfitzer, Germany
Kamlesh Vikamsey, India
Bernadette McGrory-Farrell, Ireland
Roberto D’Imperio, Italy
Gen Ikegami, Japan
Roberto Resa, Mexico
Ingrid Doerga, Netherlands
Warren Allen, New Zealand
Göran Tidström, Nordic Federation
Abdeljelil Bouraoui, Tunisia
Japheth Katto, Uganda
Robert Hodgkinson, United Kingdom
David Leonard, United Kingdom
Olivia Kirtley, United States

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking candidates for the position of IAASB Chair for a three-year term commencing January 1, 2009. The chair is appointed by the IFAC Board with the approval of the Public Interest Oversight Board (PIOB)*.

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in financial reporting and auditing. The chair provides leadership in the fulfillment of these objectives.

One of the primary responsibilities of the chair is to promote and develop a greater understanding of the IAASB’s strategy and objectives with key stakeholders. The chair provides leadership in the implementation of the IAASB’s strategy, including promoting its International Standards on Auditing as a global benchmark for audit quality, and in the development of international standards. He or she chairs meetings of the IAASB and proactively leads debate and seeks consensus from among its members. The chair is also responsible for establishing and maintaining effective and constructive relationships with key stakeholders, including international and national standard setters and regulators. In addition, the chair serves as the IAASB’s primary spokesperson and primary liaison with the IFAC Board, other boards and committees of IFAC, and the PIOB.

The successful candidate should have significant senior-level experience and be well recognized within the accountancy profession. Strong leadership and effective communication and strategic skill, as well as technical and professional competence are also required. The chair must possess the highest integrity, be dedicated to protecting the public interest, and be committed to the IAASB’s mission.

Candidates should submit their résumé (CV) via email. All submissions must be received by February 15, 2008. For further details on the role of the IAASB Chair and the selection process, see the Call for Nominations/Applications on the IFAC website. Further information about IAASB may be obtained from its website: https://www.iaasb.org.

About IFAC
Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Note to Editors:
The Public Interest Oversight Board (PIOB) was established in February 2005 to oversee IFAC’s auditing and assurance, ethics, and education standard-setting activities, as well as the IFAC Member Body Compliance Program. The PIOB oversees the activities of the IAASB and, as one element of that oversight, approves its membership (including the chair), its due process and its working procedures. The PIOB website address is https://www.ipiob.org.

A new publication released by the International Federation of Accountants (IFAC) addresses a wide range of topics that can assist professional accountants in business with their management, strategic and financial decision making. The publication, 2007 Articles of Merit, includes 10 previously published international articles that were selected by IFAC's Professional Accountants in Business (PAIB) Committee as part of its annual Articles of Merit Award Program for Distinguished Contribution to the roles and domain of professional accountants in business.A new publication released by the International Federation of Accountants (IFAC) addresses a wide range of topics that can assist professional accountants in business with their management, strategic and financial decision making. The publication, 2007 Articles of Merit, includes 10 previously published international articles that were selected by IFAC's Professional Accountants in Business (PAIB) Committee as part of its annual Articles of Merit Award Program for Distinguished Contribution to the roles and domain of professional accountants in business.

The winning article for 2007 is "Finding the Right Mix: How to Match Strategy and Management Practices to Enhance Firm Performance" by Kip R. Krumwiede and Shannon L. Charles. It was first published in the Institute of Management Accountants' monthly magazine, Strategic Finance. The authors' investigation into the use and adoption of popular management practices finds that highly rated practices such as target costing, the balanced scorecard, and activity-based costing have had relatively low adoption. However, their research identified that those organizations that did adopt these practices found that they produce valuable results. Using this research as a basis, the article suggests a five-step process to facilitate the matching of management practices to organizational strategy.

Other articles of outstanding merit cover topics such as key performance indicators, the art of management accounting, evaluating the return on information technology investments, XBRL, environmental management accounting, and board processes.

The 2007 Articles of Merit, together with past issues, can be downloaded from the IFAC online bookstore (www.ifac.org/store). The 10 articles in the 2007 publication can also be downloaded individually from the IFAC bookstore.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.

At its most recent meeting in Madrid, Spain in September, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), approved two sets of new proposals. The first exposure draft addresses concerns about the use and reliability of external confirmations as audit evidence. External confirmations are written responses to the auditor from a third party. The second exposure draft proposes stricter requirements when an auditor uses an expert to obtain audit evidence.

"The proposed standards represent significant steps by the IAASB designed to enhance auditor performance in important areas of the audit of financial statements. Confirmations have sometimes proved to be less reliable than expected and the proposals are intended to assist in making them effective when an auditor decides to use them. In a more complex world, especially where fair values feature in financial reporting, the auditor may have more need of the assistance of experts in other disciplines for the purposes of the audit. The new proposals are therefore timely," explains John Kellas, IAASB Chairman.

These proposed International Standards on Auditing (ISAs) are drafted in accordance with the IAASB's new conventions designed to improve the clarity of its pronouncements. They may be viewed by going to https://www.ifac.org/eds.  

External Confirmations
Recent experience has indicated that external confirmations may not always be as reliable as expected as audit evidence, giving rise to requests for more rigorous requirements governing the auditor's use of external confirmations. The auditor's decision about whether to use external confirmation procedures is based upon the identification and assessment of risks of material misstatement in accordance with other ISAs. Proposed ISA 505 (Revised and Redrafted), External Confirmations, is directed at the effective performance of external confirmation procedures when the auditor determines that such procedures are an appropriate response to an assessed risk of material misstatement.

Use of the Work of an Auditor's Expert
Proposed ISA 620 (Revised and Redrafted), Using the Work of an Auditor's Expert, deals with the auditor's use of the work of a person or organization possessing expertise in a field other than accounting or auditing, employed or engaged by the auditor to assist the auditor to obtain sufficient appropriate audit evidence. It places particular emphasis on the need for the auditor to evaluate the expert's objectivity, and to establish a proper understanding with the expert of the expert's responsibilities for the purposes of the audit.

How to Comment
Comments on the exposure drafts are requested by February 15, 2008. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.

New requirements designed to enhance the quality of audits of group financial statements were released today by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC). International Standard on Auditing (ISA) 600 (Revised and Redrafted), Special Considerations - The Audit of Group Financial Statement (Including the Work of Component Auditors), assists the group engagement partner in taking responsibility for the direction, supervision and performance of the group audit and the issue of an auditor's report that is appropriate in the circumstances.

To assist the group engagement team to obtain sufficient appropriate audit evidence on which to base the group audit opinion, the ISA specifies the types of work that the group engagement team, or component auditors on its behalf, should perform on the financial information of significant components. It also requires the group engagement team to be appropriately involved in the work that component auditors perform. The ISA is effective for audits of financial periods commencing on or after December 15, 2009. This date is consistent with the effective date for all the standards being redrafted under the IAASB's Clarity project.

The ISA, which was developed over a period of five years, was influenced by the responses to three exposure drafts. The new ISA takes account of regulatory and standard-setting developments around the world, the interests of small entities, and the expectations of various stakeholders, including those represented on the IAASB Consultative Advisory Group.

John Kellas, Chairman of the IAASB, explains: "The new standard clearly explains the responsibility of the group engagement partner to direct and control the group audit, even when component auditors may be involved. It responds to public expectations for continuous improvement in auditing standards. The project has not been an easy one, but we are confident that the standard will enhance current practice and promote consistency worldwide."

ISA 600 (Revised and Redrafted) can be downloaded free-of-charge from the IFAC online bookstore at https://www.ifac.org/store.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies.

IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: https://www.iaasb.org.

The PIOB website address is https://www.ipiob.org.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has determined that its complete set of clarified International Standards on Auditing (ISAs) will be effective for audits of financial statements for periods beginning on or after December 15, 2009. In announcing the definitive date, the IAASB hopes to eliminate uncertainty about when the new standards will apply. This will allow standard setters, regulators and auditors to plan for the adoption and implementation of the standards.

“In setting the date, we have balanced the desire to benefit from improvements in the standards as soon as practicable against the necessity for implementation to be effective. The date may seem a long way off, but there is much to be done to ensure that implementation is smooth. This is clearly understood by auditors and others who have asked us to allow a reasonable time for implementation. We have listened to their concerns and have done so,” explains John Kellas, IAASB Chairman. Mr. Kellas continued, “We are making the final standards available as soon as they have been approved by IAASB and, in respect of appropriate due process, by the Public Interest Oversight Board. This is intended to allow all concerned to take such steps as are necessary for effective implementation, including national adoption, translation, amendment of manuals and processes and training. I urge everyone to take advantage of the time available for implementation to ensure that it is a success.”

The IAASB continues to advance the clarification of its auditing standards and is on track to complete its Clarity project by the end of 2008 as planned. For more information about the IAASB’s Clarity project and its timetable, see the October 2007 communiqué, Effective Date for IAASB’s Clarified International Standards on Auditing, which is posted on the IAASB website.

About the IAASB and IFAC The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.