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PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY 

CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND

RELATED SERVICES AND PREFACE TO THE PHILIPPINE

STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW,

OTHER ASSURANCE AND RELATED SERVICES

 The “Preface to the International standards on Quality Control,Auditing, Review, Other Assurance and Related Services” has een

a!!roved y the "oard of the International #ederation ofAccountants in $uly %&&'( )inor confor*ing a*end*ents haveeen re+ected suseuent to $uly %&&'( #urther changes have eenre+ected ased on the !ro!osed a*end*ents issued in $uly %&&-relating to the IAAS" due !rocess and wor.ing !rocedures(

In the year %&&/, the Auditing Standards and Practices Council0ASPC1 of the Phili!!ines has decided to ado!t InternationalStandards on Auditing 0ISAs1 and International Auditing PracticeState*ents 0IAPSs1 issued y the then International AuditingPractices Co**ittee 0IAPC1, now the International Auditing andAssurance Standards "oard 0IAAS"1 which was estalished y the

International #ederation of Accountants 0I#AC1 to ta.e over thedevelo!*ent and issuance of International Standards on QualityControl, Auditing, Assurance and Related Services, collectivelyreferred to as IAAS"2s Standards and Practice State*ents(

As !art of its decision to ado!t IAAS"2s technical !ronounce*ents,the ASPC has ado!ted the “Preface to the International Standardson Quality Control, Auditing, Review, Other Assurance and RelatedServices” !resented in this docu*ent( At the sa*e ti*e, for theinfor*ation of interested !arties, the ASPC has also ado!ted asi*ilar Preface called “Preface to Phili!!ine Standards on QualityControl, Auditing, Review, Other Assurance and Related Services”

!resented starting on !age /' which su!ersedes the “Preface toPhili!!ine Standards on Auditing and Related Services” !reviouslyissued y the ASPC(

INTRODUCTION

/( This !reface to the International Standards on Quality Control,Auditing, Review, Other Assurance and Related Services0“International Standards” or “IAAS"2s Standards”1 is issued tofacilitate understanding of the o3ectives and o!erating!rocedures of the International Auditing and AssuranceStandards "oard 0IAAS"1 and the sco!e and authority of the!ronounce*ents it issues, as set forth in the IAAS"2s Interi*

 Ter*s of Reference(

%( The *ission of the International #ederation of Accountants0I#AC1, as set out in its constitution, is “the worldwidedevelo!*ent and enhance*ent of an accountancy !rofessionwith har*oni4ed standards, ale to !rovide services ofconsistently high uality in the !ulic interest(” In !ursuing this*ission, the I#AC "oard has estalished the IAAS" to develo!and issue, under its own authority, high uality standards onauditing, assurance and related services engage*ents

0“5ngage*ent Standards,” as de6ned in !aragra!h /'1, relatedPractice State*ents and uality control standards for usearound the world(

'( The IAAS"2s !ronounce*ents govern audit, assurance andrelated services engage*ents that are conducted in accordancewith International Standards( They do not override the locallaws or regulations that govern the audit of historical 6nancialstate*ents or assurance engage*ents on other infor*ation ina !articular country reuired to e followed in accordance withthat country2s national standards( In the event that local laws orregulations di7er fro*, or con+ict with, the IAAS"2s Standards

on a !articular su3ect, an engage*ent conducted inaccordance with local laws or regulations will not auto*aticallyco*!ly with the*( A !rofessional accountant should notre!resent co*!liance with the IAAS"2s 5ngage*ent Standardsunless the !rofessional accountant has co*!lied fully with all of those relevant to the engage*ent(

-( The IAAS" is co**itted to the goal of develo!ing a set ofInternational Standards generally acce!ted worldwide( Tofurther this goal, the IAAS" wor.s coo!eratively with nationalstandard setters, and ta.es a lead role in 3oint !ro3ects withthe*, to !ro*ote convergence etween national and

international standards and achieve acce!tance of IAAS"2sStandards(

THE INTERNATIONAL AUDITING AND ASSURANCE

STANDARDS BOARD

8(  The IAAS" is a "oard estalished y I#AC(9( The *e*ers of the IAAS" are a!!ointed y the I#AC "oard to

serve on the IAAS"( The IAAS" co*!rises eighteen *e*ers,ten of who* are !ut forward y *e*er odies of I#AC, 6ve ofwho* are !ut forward y the #oru* of #ir*s, / and three !ulic*e*ers who *ay e *e*ers of I#AC *e*er odies utshall not e *e*ers in !ulic !ractice( Candidates for

a!!oint*ent as !ulic *e*ers *ay e !ut forward y anyindividual or organi4ation( In addition, a li*ited nu*er of

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o3ective of the engage*ent( @hen such a situation arises, the!rofessionalaccountant should e !re!ared to 3ustify the de!arture(

/=( Any li*itation of the a!!licaility of a s!eci6c InternationalStandard is *ade

clear in the standard(