Valued, mutually beneficial relationships have historically been maintained by in-
ternational companies and their auditors for decades. Adherence to the matters above
are at the heart of those successful relationships.
In 2002, a newly designated International Auditing and Assurance Standards
Board (IAASB), assumed responsibility from its predecessor, the International Au-
diting Practices Committee, for the promulgation of International Standards on Au-
diting (ISAs). The IAASB operates under the auspices of the International Federation
of Accountants and is seeking to have the ISAs adopted by the European Union and
to obtain the endorsement of the International Organization of Securities Commis-
sions.
It is expected that in time underlying countries’ auditing standards and the ISAs
will be harmonized to a large extent and ISAs will be the required standards in many
countries.
31 • 18 MANAGING THE AUDIT RELATIONSHIP IN AN INTERNATIONAL CONTEXT