International auditing standards are issued by the______________?
Correct answer: B. International Federation of Accountants
- A. International Accounting Standards Board
- B. International Federation of Accountants
- C. International Standards Board
- D. Auditing Practices Board
Explanation
International Standards on Auditing are developed through the International Auditing and Assurance Standards Board, which operates under IFAC. Among the listed choices, IFAC is the accepted answer, whereas IASB issues accounting standards rather than auditing standards.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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