What is the process of issuing audit standards by Auditing and Assurance Standards Board (AASB)?

Procedure of issuing auditing standards The Auditing and Assurance Standards Board identifies the areas where auditing standards need to be formulated and the priority in regard to their selection. In the preparation of the auditing standards, the Board is normally, assisted by study groups comprising of a cross section of members of the Institute. On the basis of the work of the study groups, an Exposure Draft of the proposed auditing standard is prepared by the Board and issued for comments of the members. After taking into the comments received, the draft of the proposed auditing standard is finalized by the Board and submitted to the Council of the Institute. The Council considers the final draft of the proposed auditing standard and, if necessary, modifies the same in consultation with the Board. The auditing standard is then issued under the authority of the Council.