This paper outlines the rationale for the regulatory arrangements put in place for setting international standards for auditing and assurance, ethics and accounting education; arrangements in which responsibility is shared between the public sector and the private sector.

This paper sets out IFAC’s view that the IAASB's International Standards on Auditing (ISAs) are designed to be applicable to the audits of entities of all sizes. If auditors intend to issue an ISA audit report, they must comply with all the ISAs.

This policy position sets out IFAC's view that professional accountancy bodies, acting in the public interest, must play an active role in the regulation of the profession and that professional accountancy bodies and governments need to work together to ensure that regulation is effective and efficient.