The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting board within the International Federation of Accountants (IAASB, 2007). Its objective is ‘to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening ฃ public confidence in the global auditing and assurance profession’ (IAASB, 2010)