ACCA AA Syllabus A. Audit Framework And Regulation - Regulatory Environment for External Audits - Notes ^{1 / 8}

The provision of audit services is regulated by International Standards on Auditing (ISAs) as well as Codes of Ethics and Company Law.

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• IFAC 
  The International Federation of Accountants (IFAC) serves to strengthen the accountancy profession worldwide, to serve the public interest and promote adherence to high quality standards.

• IAASB 
  The International Auditing and Assurance Standards Board (IAASB) is a subsidiary of IFAC and sets the International Standards on Auditing (ISAs) of which there are more than 30.

  The IAASB also sets quality control principles for all assurance engagements as well as standards for other types of assurance engagements

• ISAs 
  These only apply to the audit of historical financial information

Note:

• If, in exceptional cases, the auditor departs from an ISA to achieve the overall aim of the audit, then this departure must be justified.

• The entire text of an ISA is needed to understand and apply the basic principles and essential procedures.