Acca aaa s21 Notes

September 2021 to June 2022 exams
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5. Regulation of auditors
Auditors are regulated by:
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Professional bodies (eg ACCA). ACCA is a recognised supervisory body that supervises 
qualifications, behaviour and quality.
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National bodies. In the UK and Ireland, the Financial Reporting Council. This regulates auditors 
and accountants and sets the UK’s Corporate Governance Code. 
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International bodies (eg IFAC, the International Federation of Accountants). The purpose of IFAC 
is to serve the public interest by, establishing and promoting adherence to high-quality 
professional standards.
IFAC has a number of boards and committees such as:
‣
IAASB
(International Auditing and Assurance Standards Board): Sets International Standards 
on Auditing (ISAs) and other assurance standards 
‣
IESBA
(International Ethics Standards Board for Accountants): Issues the International Code of 
Ethics for Professional Accountants.
‣
TAC
(Transnational Auditors Committee): Responsible for implementing and advancing the 
promotion of high-quality standards of financial reporting and auditing practices worldwide.
๏
The Public Interest Oversight Board (PIOB) oversees the public interest activities of the standard 
setters. It brings greater transparency and integrity to the audit profession, thereby contributing 
to the enhanced quality of international financial reporting.
IAASB's ISAs are adopted by the FRC in the UK which has local regulatory power. The IESBA's Code has 
been adopted by ACCA in its Code of Ethics and Conduct.