Final answer:
Yes, it is necessary to have International Auditing Standards to ensure consistency and quality in auditing practices worldwide.
Step-by-step explanation:
Yes, it is necessary to have a set of International Auditing Standards. These standards provide a common framework for auditors around the world to follow, ensuring consistency and quality in auditing practices.
Having international standards helps in several ways. Firstly, it promotes comparability of financial statements across different countries, making it easier for investors and stakeholders to assess the financial health of companies globally.
Secondly, it enhances the credibility of audit reports. When auditors adhere to a set of standardized procedures, it increases trust in the audit process, as it is carried out in a systematic and objective manner.
Lastly, international standards facilitate cooperation and collaboration among auditors from different countries. They allow auditors to understand and work with financial information from various jurisdictions, contributing to a more integrated and interconnected global business environment.