The IAASB is a Board established by IFAC. The members of the IAASB are appointed by the IFAC Board to serve on the IAASB.
IAASB members act in the common interest of the public at large and the worldwide accountancy profession. This could result in their taking a position on a matter that is not in
accordance with current practice in their country or firm or not in accordance with the position taken by those who put them forward for membership of the IAASB. Each IAASB member has the right to appoint one technical advisor who may participate in the discussions at IAASB meetings.

IAASB meetings to discuss the development and to approve the issuance of International Standards, Practice Statements or other papers are open to the public. Agenda papers, including minutes of the meetings of the IAASB, are published on the IAASB’s website.

The Authority Attaching to International Standards Issued by the International Auditing and Assurance Standards Board
International Standards on Auditing (ISAs) are to be applied in the audit of historical financial information.
International Standards on Review Engagements (ISREs) are to be applied in the review of historical financial information.

International Standards on Assurance Engagements (ISAEs) are to be applied in assurance engagements dealing with subject matters other than historical financial information.

International Standards on Related Services (ISRSs) are to be applied to compilation engagements, engagements to apply agreed upon procedures to information and other related services engagements as specified by the IAASB.

ISAs, ISREs, ISAEs and ISRSs are collectively referred to as the IAASB’s Engagement Standards.

International Standards on Quality Control (ISQCs) are to be applied for all services falling under the IAASB’s Engagement Standards.

The IAASB’s Standards contain basic principles and essential procedures (identified in bold type lettering) together with related guidance in the form of explanatory and other material, including appendices. The basic principles and essential procedures are to be understood and applied in the context of the explanatory and other material that provide guidance for their application. It is therefore necessary to consider the whole text of a Standard to understand and apply the basic principles and essential procedures.

The nature of the IAASB’s Standards requires professional accountants to exercise professional judgment in applying them. In exceptional circumstances, a professional accountant may judge it necessary to depart from a basic principle or essential procedure of an Engagement Standard to achieve more effectively the objective of the engagement. When such a situation arises, the professional accountant should be prepared to justify the departure.


Any limitation of the applicability of a specific International Standard is made clear in the standard.

The Authority Attaching to Practice Statements Issued by the International Auditing and Assurance Standards Board
International Auditing Practice Statements (IAPSs) are issued to provide interpretive guidance and practical assistance to professional accountants in implementing ISAs and to promote good practice.
International Review Engagement Practice Statements (IREPSs), International Assurance
Engagement Practice Statements (IAEPSs) and International Related Services
Practice Statements (IRSPSs) are issued to serve the same purpose for implementation of ISREs, ISAEs and ISRSs respectively.

Professional accountants should be aware of and consider Practice Statements applicable to the engagement. A professional accountant who does not consider and apply the guidance included in a relevant Practice Statement should be prepared to explain how the basic principles and essential procedures in the IAASB’s Engagement Standard(s) addressed by the Practice Statement have been complied with.