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IAASB: A Team Of The International Federation Of Accountants

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IAASB is a team of the International Federation of Accountants. It was created to increase uniformity of auditing practices and related services throughout the world by creating standards on auditing and reporting practices. Their role is to develop standards of consistency in accounting quality. They do not override a member nation's auditing standards however; members in countries that have standards in place should try to remove variations by likening their standards to those of the IAASB.

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(a) The Sarbanes-Oxley Act of 2002 made substantial reforms in the regulation system for public accounting firms that audit public companies. It contains requirements strengthening penalties for corporate fraud. It also restricts the types of consulting
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