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BROWNE & SONS AUDITORS AUDIT AND CONTROL REPORT ON INTERNATIONAL AUDITING STANDARDS BY KIMBERLEY BROWNE AUDIT AND CONTROL IMPACT OF INTERNATIONAL AUDITING STANDARDS PRIVATE & CONFIDENTIAL To: Client Date: 19th November 2005 Author: Kimberley Browne Title: Impact of International Auditing Standards Word Count: 1496 INTRODUCTION: WHAT ARE INTERNATIONAL AUDITING STANDARDS? Many global companies headquartered outside the United States are preparing their financial statements in accordance with international accounting standards and are having them audited in accordance with the international standards on auditing. These financial statements are being sent around the world to be used by investors, other interested parties, and for capital formation. Two important sets of standards have emerged as candidates for widespread adoption: the accounting standards being developed by the International Accounting Standards Committee (IASC) and the auditing standards being developed by the International Auditing Practices Committee (IAPC) of the International Federation of Accountants (IFAC). This report will be focusing on the International Auditing Standards (ISA's). From 2005 these will replace...

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