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International Standards on Auditing

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International Standards on Auditing (ISA) are professional standards for theauditing of financial information. These standards are issued by theInternational Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors.

The standards cover various areas of auditing, including respective responsibilities,audit planning,Internal Control,audit evidence, using the work of other experts, audit conclusions andaudit reports, and standards for specialized areas.

Use of the ISAs

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European Union: TheAudit Directive of 17 May 2006 enforces the use of theInternational Standards on Auditing for allStatutory audits to be performed in theEuropean Union.

The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required byCommunity law requiring all statutory audits be carried out on the basis of all international auditing standards. The Directive has given implementing powers to theEuropean Commission, in order to adopt "en bloc" the ISAs in accordance with theCouncil Decision of 28 June 1999, also known as the "Comitology Decision".^[1]

European Court of Auditors: theEuropean Court of Auditors performs its audits in accordance with the IFAC and INTOSAI International Auditing Standards and Codes of Ethics, in so far as these are applicable in theEuropean Community context.
TheUnited Nations Board of Auditors (the external audit of the UN) has adopted the ISAs^[2] although this Board is composed of threeSupreme Audit Institutions chairmen, usually using theINTOSAI Auditing Standards.^[3]