Question

Issues international standards on auditing.

a. PCAOB
b. Quality control policies
c. IAASB
d. Inspections
e. IFAC

Answer 1

The organization that issues international standards on auditing is e. IFAC. Therefore the correct option is e. IFAC.

Step-by-step explanation:

The International Federation of Accountants (IFAC) is a global organization that issues international standards on auditing. IFAC plays a crucial role in establishing and promoting high-quality international standards that guide the auditing profession worldwide. These standards, commonly known as International Standards on Auditing (ISAs), provide a framework for auditors to conduct audits with consistency, transparency, and adherence to best practices.

IFAC's role extends beyond auditing standards to encompass a broader commitment to the global accountancy profession. It fosters collaboration among professional accountancy organizations, standard-setting bodies, regulators, and other stakeholders. Through its International Auditing and Assurance Standards Board (IAASB), IFAC ensures that auditing standards are responsive to the evolving needs of the profession and the changing business environment. By selecting IFAC as the answer, it acknowledges the organization's central role in promoting international standards and best practices for auditors across the globe.

In summary, the International Federation of Accountants (IFAC) is the primary entity responsible for issuing international standards on auditing. Its commitment to setting high-quality standards and fostering global collaboration underscores its significance in shaping the auditing profession's practices and ensuring consistency and quality in auditing processes worldwide.Therefore the correct option is e. IFAC.

Answer 2

The International Auditing and Assurance Standards Board (IAASB) issues international standards on auditing, while the PCAOB oversees U.S. public company audits.

Step-by-step explanation:

The organization responsible for issuing international standards on auditing is the International Auditing and Assurance Standards Board (IAASB). The IAASB operates under the auspices of the International Federation of Accountants (IFAC) and develops the International Standards on Auditing (ISAs), which are used to guide auditors worldwide. On the other hand, the Public Company Accounting Oversight Board (PCAOB) is a U.S. organization that oversees the audits of public companies to protect investors. The term 'Quality control policies' refers to the internal guidelines and procedures implemented by audit firms to ensure the quality of their audit work. 'Inspections' are part of the quality control process and can be carried out by various regulatory bodies, such as the PCAOB, to ensure compliance with auditing standards.