The International Auditing and Assurance Standards Board (IAASB)  

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body established by the International Federation of Accountants (IFAC).


The PSC has adopted what is referred to as a dual approach when it comes to the development of audit guidance in the public sector. In practice this means that when possible and relevant, the PSC will build on material from other standard-setting bodies. In accordance with this policy, the PSC Financial Audit Subcommittee has established a formal cooperation with IFAC concerning the development of financial auditing guidelines. For details on the cooperation, please click the Memorandum of Understanding below.


The IAASB issues the International Standards on Auditing (ISA) as well as a range of other standards for the accounting business. The International Standards of Supreme Audit Institutions (ISSAI) issued by INTOSAI include a set of implementation guidelines on financial auditing, ISSAI 1000-1999, which are based on the ISAs.






The INTOSAI Development Initiative

The PSC is also working closely together with the IDI. This organization was established in 1986, it is based in Oslo and its primary task is to assist SAIs in emerging and developing countries in their efforts to build their capacity. One of the elements in capacity building is the implementation of international auditing standards, and the IDI has in recent years devoted much of its time to the implementation of the ISSAIs through the ISSAI Implementation Initiative - the 3i Programme.




The IIA 

The Institute of Internal Auditors

The Institute of Internal Auditors (IIA) is an international professional association with 120,000 members in more than 91 countries. The members of the IIA work in the private and public sector in internal auditing, risk management, governance, internal control, information technology audit, education, and security.


The IIA and the PSC are sharing common goals, amongst other with respect to development and adoption of appropriate and effective professional standards, and it was therefore in 2007 decided to enter into a more formalized cooperation through the signing of a Memorandum of Understanding (MoU). In the past years, the IIA and the PSC Internal Control Standards Subcommittee have benefited from their respective work and involvement.