The International Federation of Accountants (IFAC) | ISAE 3402

The International Federation of Accountants, commonly known as IFAC, is a global organization for the accountancy profession that collaborates with approximately 159 member and associate institutions throughout the world. IFAC aims to develop a wide range of international standards regarding ethics, auditing and assurance, education, along with various public sector accounting standards and initiatives.

In fulfilling its mission, IFAC works closely with member and associate institutions, industry regulatory bodies, governmental entities, and other organizations who seek to promote a sound and transparent accounting and financial platform on which to govern.

IFAC is compromised of numerous boards and committees dedicated to promoting the cause of their principles and standards, with the four most notable consisting of the following:

• International Accounting Education Standards Board (IAESB)
• International Auditing and Assurance Standards Board (IAASB)
• International Ethics Standards Board for Accountants (IESBA)
• International Public Sector Accounting Standards Boards (IPSASB)

Of particular note is that of the relationship with International Standards on Assurance Engagements 3402 (ISAE 3402), and the IAASB Standard-Setting Board. The IAASB is chiefly responsible for establishing and setting high-quality standards regarding auditing, review, assurance, and quality control service.  Furthermore, in developing its pronouncements, the IAASB follows a structured and disciplined process, consisting of receiving collaborative input from their Consultative Advisory Group and various nationally recognized auditing standard setters. The IAASB's practice for pronouncements consists of releasing exposure drafts, for which public comment is received, resulting in standards being put forth, such as ISAE 3402, the International Standards on Assurance Engagements, which deals primarily with subject matter other than that of historical financial information.

To learn more about the IFAC and the origination of ISAE 3402, please visit The International Federation of Accountants.