What Are International Auditing Standards?

International standards on auditing, or ISAs, are professional regulations relating to the audit of financial information across the world and how these transactions are carried out. These are created and moderated by the International Federation of Accountants through their International Auditing and Assurance Standards Board, who publish material and advise on approved methods of carrying out official audits. The IFAC is generally regarded as the major international authority on accounting practices. They set out the terms of quality control, review and negotiating a balance between national and international standards. Additionally, they advise on the correct legal terminology, balance sheet layouts and storage of information on databases and through contracts. The IFAC also publish a handbook detailing these standards for businesses and individuals, and how they apply to education, information technology, ethics, management, and the public sector. In the UK, the independent Auditing Practices Board recently proposed to apply these standards while also maintaining a specific British context for businesses.

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