- 10 Marks
AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues
Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).
Question
The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.
Required: i) Discuss FOUR (4) factors that influence the development of new Auditing Standards. (5 marks)
ii) Identify the procedures for developing new Auditing Standards. (5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Auditing Standards, IAASB, IFAC, Standard Development Process
- Level: Level 3
- Topic: Current issues, The regulatory environment
- Series: JULY 2023
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