Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements 2014
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Part II of the handbook includes the International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. ISAE 3000 (Revised) includes requirements, application materials and other explanatory material specific to reasonable and limited assurance attestation engagements, as well as the conforming amendments with other International Standards on Assurance Engagements.
This edition also includes an annex entitled “A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality. This framework describes the input, process and output factors that contribute to audit quality at the engagement, audit firm and national levels, for financial statement audits. The Framework also demonstrates the importance of appropriate interactions among stakeholders and the importance of various contextual factors.
The IAASB believes that such a Framework is in the public interest as it will:
• Encourage national audit firms, international networks of audit firms, and professional accountancy organizations to reflect on how to improve audit quality and better communicate information about audit quality;
• Raise the level of awareness and understanding among stakeholders of the important elements of audit quality;
• Enable stakeholders to recognize those factors that may deserve priority attention to enhance audit quality.
• Assist standard setting, both internationally and at a national level.
• Facilitate dialogue and closer working relationships between the IAASB and key stakeholders as well as among these key stakeholders themselves;
• Assist students of auditing to more fully understand the fundamentals of the profession they are aspiring to join.