IFAC's IAASB Invites Comments on its Operations and Guidance

(New York/Nov. 19, 2002) — The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) has issued an exposure draft of three documents that are critical to its operations: its Terms of Reference, Preface to the International Standards on Quality Control, Auditing, Assurance and Related Services and Policy on Bold Type Lettering. Comments are requested by February 28, 2003.

“The IAASB believes that it is important that those with an interest in the setting of international standards for audit, other assurance engagements and related services are able to comment on how the IAASB, formed earlier this year, intends to operate. This will help to ensure that the IAASB operates in the public interest,” emphasizes Dietz Mertin, chairman of the IAASB.

The IAASB is also significantly expanding the scope of its guidance and would like comments on whether the Terms of Reference and Preface to International Standards, when taken together, address all relevant matters. A new Auditing and Assurance Services Handbook will be developed focused essentially on four areas:

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