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IFAC issues public sector guideline.

The public sector committee of the International Federation of Accountants (IFAC) officially issued Public Sector Guideline 3, Applicability of International Standards on Auditing to the Audit of Financial Statements of Governments and Other Non-Business Public Sector Entities.

The IFAC's public sector committee considers and makes use of international standards on auditing (ISAs) to the extent they are applicable to the public sector. Guideline 3 defines the applicability of ISAs to the audit of financial statements of public sector entities other than government business enterprises, including governments themselves and other nonbusiness public sector entities.

The guideline's appendix contains a section, "Public Sector Prospective," to identify situations requiring supplements to or clarification of ISAs in audits of nonbusiness public sector entities.
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Title Annotation:International Federation of Accountants
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jul 1, 1992
Words:119
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