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With greater cross-border capital
movements, the need for increased
consistency, transparency and
comparability of financial information
has become more acute. An audit
subjects financial information to
independent and objective scrutiny,
increasing the reliability of financial
information. International Standards on
Auditing (ISAs) aim at providing
consistently high-quality audits.
A
body of standards has been issued,
which cover: responsibilities,
planning, internal control, audit
evidence, using work of others, audit
conclusions and reporting, specialized
areas, international auditing practice
statements, external auditors, and
characteristics and considerations.
In order to provide practical
assistance to auditors in implementing
the ISAs or to promote good practice,
International Auditing Practice
Statements (IAPSs) are also issued by
the IFAC.
A non-authoritative discussion of
International Standards on Auditing and
U.S. GAAS is included in the American
Institute of Certified Public
Accountants' codified AU Statments on
Auditing Standards (Copyright ©
2001 by American Institute of
Certifited Public Accountants, New
York, NY 10036-8775) for informational
purposes only.
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