Within each country, local regulations govern to a greater or lesser degree, the practices followed by the auditors. Such regulations may either be of a statutory nature of in the form of statements issued by the regulatory or professional bodies in the country concerned.

 National standards on auditing published in may countries differ in form and content. International Auditing Practices Committee (IAPC) takes cognisance of such documents and differences and in the light of such knowledge issues auditing standards which are intended for international acceptance.

  •  These standards:
  • Are applied in the audit of financial statements or to the audit of other information.
  • Contain basic principles and essential procedures together with related guidance in form of explanatory and other material.
  • Have to be understood wholly and not in part so as to understand and apply them.
  • May be departed from in exceptional circumstance so as to more effectively achieve the objective of an audit.
  • Need only be applied in material matters.