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The International Federation of Accountants released a policy position paper which describes and explains the international standard-setting process, particularly for International Standards on Auditing (ISAs).
The paper explains how responsibility is shared between public and private sector organizations to produce high quality standards that are in the public interest. The paper identifies the underlying principles of legitimacy, independence, accountability, transparency and performance that are key to a successful standard-setting process, and it describes how the structures and processes of the independent standard-setting boards in the areas of international auditing, ethics and accounting education are consistent with these principles.
International Standard Setting in the Public Interest