Auditing

ISB’s Model for Standard Setters

It is of essence for members of a given profession to have guidelines that guide their profession. From these guidelines, one knows what is expected from him or her by the colleagues and the society at large. The same case applies to auditors; the ISB guides regulators, investors and all those organizations that deal with the setting of standards in comprehending why the independence of an auditor in making independence judgment is very important, this is important as it helps the auditor make decisions that are unbiased. In structuring the various steps needed in the formulation of auditors’ guidelines and what role they play, a number of steps to be followed in the formulation of the auditors’ guidelines have been identified (Walker et al 67).  Through these guidelines, a common language and understanding to all the stakeholders and those involved in the results of the auditing is provided.  Despite this, there is the absence of direct answers to arising matters in relation to the independence of the auditors but at the same time it supplies us with a methodology and structure that can be employed in analyzing factors.

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