Chapter 2 Organization and Structure of the Auditing Profession(26)

In addition to issuing SASs, the ASB approves for publication auditing interpretations of the SASs; the interpretations are prepared by the Audit Issues Task Force of the ASB. As they are issued, SASs, auditing interpretations, and other AICPA professional standards are

incorporated in the AICPA's looseleaf service, Professional Standards, which results in a continuous codification of those pronouncements. Once a year, a bound version of the latest AICPA Professional Standards is published.

(b) International Auditing Standards

The desirability of developing more uniform auditing standards and practices worldwide has long been recognized and is gaining increasing support as international business continues to expand. Efforts to promote international uniformity in auditing standards were formally initiated in 1977, when representatives of approximately 50 countries, including the United States,

established the International Federation of Accountants (IFAC). The broad objectives of IFAC, as stated in paragraph 2 of its Constitution, are "the development and enhancement of a

coordinated worldwide accountancy profession with harmonized standards." IFAC's efforts are directed toward developing international technical, ethical, and educational guidelines for auditors, and reciprocal recognition of practitioners' qualifications.

Responsibility for developing and issuing exposure drafts and standards on generally accepted auditing practices and audit reports is vested in IFAC's International Auditing Practices Committee (IAPC); through September 1997 it has issued 30 International

Standards on Auditing (ISAs), plus three others in its series entitled International Standards on

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