Auditing and Assurance

AUDITING AND ASSURANCE 1
Auditing and Assurance
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AUDITING AND ASSURANCE 2
Auditing and Assurance
The International Federation of Accountants (IFAC) is a global body concerned with the
provision of various services to the public interest through strengthening and contributing to the
establishment of strong international economies. The main aim of IFAC is to promote and
support the International Accounting Profession and also to offer the IFAC Global Knowledge
Gateway. Such a gateway offers articles and updates aimed at training and supporting
accountants. Additionally, IFAC supports the international standards on accounting which
usually align with the Australian Standards on Accounting. The accountants should aim at the
professional skepticism and quality control. Therefore form the website of IFAC, there are two
relevant things which can be obtained such as;
An auditor has to practice independence and professional skepticism
There should also be audit quality and enhancing aimed at offering quality services which
are of the public interest.
Explanation
According to Earley et al. (2016 p.20) the vision of IFAC is to enable the
acknowledgement of global accountancy profession as crucial to financial markets, economies as
well as strong and sustainable organizations. According to the websites, all the companies which
operates in Australian are expected by the Corporations Act 2001 to submit as well as prepare
their annual financial reports to the Australian Securities and Investment Commission. Such a
commission is the regulator of the nation for financial services, financial markets as well as the
corporate (Lessambo, 2018 p.35).In support of the above mentioned vision, the accountants and
auditors should offer access to the IFAC Global Knowledge Gateway as well as the Independent
Standard Setting Board link website. Such links improve the audit quality in the public interest