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(New York/November 3, 2009) - Adoption of international standards on auditing (ISAs) is well underway, according to the newly released online chart from the International Federation of Accountants (IFAC). Compiled from information gathered by the IFAC Member Body Compliance Program, the chart indicates that ISAs as issued by the International Auditing and Assurance Standards Board (IAASB) have been adopted or otherwise used as the basis of national standards in 126 jurisdictions around the world.
"This tool gives an overview of ISA adoption by jurisdiction, as well as other valuable information about how the adoption process can vary," comments Russell Guthrie, IFAC Director, Quality and Member Relations. "It also demonstrates the commitment of IFAC and its member bodies to transparency by providing a comprehensive summary of ISA adoption to our stakeholders and welcoming feedback that will allow further refinement of the information, especially as jurisdictions adopt the recently issued Clarified ISAs, which are a result of a comprehensive program to enhance the clarity of auditing standards," he concludes.
Adoption of international standards is the first step of a continuous process, following which successful implementation is vital to ensure professionals understand and apply the standards appropriately. IFAC member organizations are required to use their best endeavors to lead or actively support that process within their countries. They communicate this commitment through their Compliance Action Plans that describe the current status of adoption and their planned activities to progress implementation.
In line with the ongoing nature of the adoption process, the chart and notes, gathered from the Compliance Program and a variety of other sources, will be periodically updated as new information is received.
More details: International Federation of Accountants http://www.ifac.org.
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