The Institute is responsible for the process of audit standardization and has taken upon itself to assimilate the International standards which have not been published as exposure drafts by the IFAC’s IAASB. (International Auditing and Assurance Standards Board)
The Committee for Auditing Standards in Israel initiates adjustments and assimilates IFAC’s standards according to the business environment and judicial developments in Israel.
The Professional Committee and the Central Committee of the Institute control the operation of the committees. During the process of preparing the standards and their confirmation a process of public hearing takes place in which anyone is entitled to express one’s views
In most cases, auditing standards serve as best practice guidance, and in certain instances are mandatory.
The President of the Institute has declared the year 2003 as the Year of Audit.
In 2003, the Institute, in an unprecedented step, has issued 10 standards.
In the year 2004, additional 8 standards have been issued and in 2005 the Institute issued 4 standards.
