9.1 International regulatory frameworks for audit and assurance services.

Several international regulatory frameworks provide guidelines and standards for audit and assurance services. These frameworks aim to ensure consistency, quality, and transparency in the audit profession globally. Here are some prominent international regulatory frameworks:

1. International Standards on Auditing (ISA): The International Auditing and Assurance Standards Board (IAASB) develops and issues the International Standards on Auditing (ISA). These standards provide guidance on the responsibilities of auditors when conducting financial statement audits. They cover various aspects of the audit process, including planning, risk assessment, audit evidence, audit reporting, and ethical considerations. The ISA is widely recognized and adopted as the benchmark for high-quality auditing worldwide.
2. International Standards on Review Engagements (ISRE): The IAASB also issues the International Standards on Review Engagements (ISRE). These standards provide guidance on performing review engagements, which involve limited assurance engagements on financial statements or other financial information. The ISRE sets out procedures and requirements for review engagements conducted by professional accountants.
3. International Standards on Assurance Engagements (ISAE): The International Standards on Assurance Engagements (ISAE) issued by the IAASB provide guidance on assurance engagements other than audits and reviews of historical financial information. These standards cover various types of assurance engagements, such as examinations, agreed-upon procedures, and assurance engagements on non-financial information.
4. International Standards on Quality Control (ISQC): The International Standards on Quality Control (ISQC) are issued by the IAASB to provide guidance on quality control for firms that perform audits and assurance engagements. These standards outline the responsibilities of the firm’s leadership and the quality control procedures that should be in place to ensure compliance with relevant ethical and professional standards.
5. International Ethics Standards Board for Accountants (IESBA) Code of Ethics: The International Ethics Standards Board for Accountants (IESBA) develops and issues the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants worldwide. The code includes principles and conceptual frameworks to guide professional accountants’ behavior and addresses independence, integrity, objectivity, confidentiality, and professional competence and due care.
6. International Public Sector Accounting Standards (IPSAS): The International Public Sector Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board (IPSASB) provide accounting and financial reporting standards for the public sector entities. These standards cover various aspects of financial reporting, including the preparation of financial statements, recognition and measurement of assets and liabilities, and presentation and disclosure requirements.