IAASB的发展和未来

Current, every listed company’s financial report must be auditing by auditor every years and the auditor must give them advice about those financial report.  We call those advice audit opinion.  Auditing history was as early as the Christian history.  Anthropologists have found records that the audit activities can be traced back to the Babylonian period (BC 3000).  In ancient China, ancient Greece and ancient Rome also have the existence of audit activities.  It widely believed that Ownership and management rights separation accelerated the auditing development.  Since 19th century, every country have gradually established a system for their audit and accounting system.  With the end of World War II and Jamaica System formation capital and wealth began more and more frequent flows in the world.  In this background International Auditing Practices Committee (IAPC) establish in 1978 which is order to better protect the interests to investors, and coordination of the various differences in the different country auditing system.  The International Auditing and Assurance Standards Board (IAASB) functions as an independent standard setting body under the auspices of the International Federation of Accountants (IFAC). (Deloitte)  The IAASB works to establish high quality auditing, assurance, quality control and related services standards and to improve the uniformity of practice by professional accountants throughout the world, thereby strengthening public confidence in the global auditing profession and serving the public interest.  Clarity project can let people accept and understand the purpose of IAASB easier.  In this essay I will divided into two parts: first I will explain and analyze the role and global auditing secondly will explain and analyze significance of clarity project.

IAPC held the first meeting in New York in 1978.  This meeting has had a great signification in IAASB histories.  As the saying goes: Everything is hard in the beginning.  This meeting declared the establishment of the IAPC.  It is a good beginning of the international auditing.  After this meeting more and more counties and regions had been cognizant of the weightiness for the international auditing.  From then every country have an oriflamme to make then audit policy par the international standards.

The IAPC issued its first international auditing Guideline, Objective and Scope of the Audit of Financial Statements in 1979.  After a year of preparation and exploration IAPC issued this statement is very important.  It is the first statement in the IAPC history.  It means IAPC began to try to development of a guiding standard for the international auditing.  Different countries have the different audit policy because the have different history and face to the different problem.  This audit of financial statements try to quest for the international criteria for every country.  However this statement ignored the different country have different problem and system which in auditor and financial reporting.

In 2002 the IAPC was reconstituted as the International Auditing and Assurance Standards Board (IAASB).  IAASB membership increased from 14 to 18 members and included for the first time, public members; and the IAASB published its agenda papers on the web and opened it meeting to public observers.  Audit Risk Standards resulted from first joint project between the IAASB and a national standard setter (American Institute of Certified Public Accountants).  In that year IAPC “access to renewable” they not only just change their name to the IAASB but also clearly a new goal which give them more in line with the role of the times.  IAASB increased from 14 to 18 members for best possible representation of different opinion.  China auditor Jianfeng Chen was join IAPC delegated China auditing.  Those guidelines take into some country which auditing policy is in developing.  As a result develop country’s auditor and developing country’s auditor have a common platform which work for the international auditing.  Public members join the IASSB can let IASSB hear the different opinion from non-audit and to increase the transparency and reliability IAPC.  Three non-audits will be drawn from the education sector, financial reporting user and the public sector.  Open to the public meeting and published its agenda papers on the web are to enhance the transparency of an important signal to help audit guidelines accepted by the general public.  IAASB work together with a national standard setter (American Institute of Certified Public Accountants) can help then to accelerate the pace of accepted by IOSCO.  In fact the 18 member almost all come form “Big Four” it will not help IAASB hear the sound form the small company and small auditors firm. 

Clarity project was very significance for the IAASB in global auditing.  IAASB want to make the international standards must be hear the sound which come form different countries.  IAASB authority of staff from two parts: one is the quality of the worker the other one is development process and the criteria of transparency and integrity.  The implementation of these guidelines needs to rely on the IFAC Member organizations promote.  As a result IAASB system must accepted by those members and adapt to implement in their country. 

Open to the public meeting and published its agenda papers on the web can let people knew what happen and why happen when IAASB make a system.  After 2004 IAASB set for comments on the wed what about the they will make a change and redrafted the ISA’s.

E.G: 

Proposed Revised and Redrafted International Standard on Auditing
ISA 505 (Revised and Redrafted), External Confirmations
Comments due by: Feb. 15, 2008

Proposed Revised and Redrafted International Standard on Auditing
ISA 620 (Revised and Redrafted), Using the Work of an Auditor"s Expert
Comments due by: Feb. 15, 2008

Consultation Paper
Proposed Strategy for 2009-2011
Comments due by: Nov. 30, 2007

Proposed Redrafted International Standard on Auditing and International Standard on Quality Control
ISA 220 (Redrafted), Quality Control for an Audit of Financial Statements
ISQC 1 (Redrafted), Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements
Comments due by: Dec. 31, 2007

More and more people view provides valuable advice to those for comments on the wed and send the E-mail to the IAASB.  It makes the IAASB rule can easier accepted and have more authoritative in the international.  Those standards can consider the audit staff of the world to the views and suggestions.  IAASB also open to the public and open meeting minutes in the web.  It widely believed that IAASB will more and more important in the world by those clarity project.

In my opinion: A country"s economic regulatory system and the country are proportional to the level of economic development.  A country"s level of economic development is higher, inevitable requirement for the more complete economic control system.  A country has a good regulatory system will inevitably promote the country"s rise in the level of economic development.  More and more develop country based on the IAASB audit system to developed country’s audit System.  The developing country also will have the important role which provides them experience in IAASB.  As a result China begins to use some of the standards which issue by IAASB.

Referencing:

²       The Chinese Institute of Certified Public Accountants “Auditing” (6^th Edition) Economic Science Press

²       Rick Hayes, Roger Dassen, Arnold Schilder and Pholip Wallage “Principles of Auditing –an introduction to international standards on auditing” (2^nd Edition)  China Machine Press

²       Hayes, R. et al 2005, “Principles of Auditing” (2^nd Edition), FT Prentice Hall, Chapter 1

²       International Auditing and Assurance Standards Board“Exposure Drafts”

http://zh.ifac.org/IAASB/ExposureDrafts.php (Accesses on Nov 11^th 2007)

& http://zh.ifac.org/Guidance/EXD-Details.php?EDID=0092 (Accesses on Nov 11^th 2007)

²       IAASB Clarity Status Report Up-date October 2007 [http://web.ifac.org/download/IAASB_Clarity_Update_Oct_2007.pdf]

²       Deloitte ” International Auditing and Assurance Standards Board”

http://www.iasplus.com/ifac/iaasb.htm#Top (Accesses on Nov 12^th 2007)

²       Non know http://baike.baidu.com/view/3382.htm (Accesses on Nov 9^h 2007)

²       John Kellas “Development of International Standardson Auditing”(15 February， 2006) http://www.chinaacc.com/new/184%2F185%2F2006%2F2%2Fma(此处可能涉及隐私号码/数字)0-0.htm (Accesses on Nov 13^th 2007) Non know Collating and recording

²       International Auditing and Assurance Standards Board “Project History: Clarity of IAASB Standards - Final Amended Preface and Four Redrafted ISAs Approved, and Redrafted ISA Exposure Drafts Issued ” http://www.ifac.org/IAASB/ProjectHistory.php?ProjID=0024 (Accesses on Nov 9^h 2007)

²       Wang songnian “International accounting”(1^st Edition)  Fudan University Press

²       Jack C· Robertson ”Auditing”    Machinery Industry Press