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Do I need to reference ISA standards by number ie: ISA 16 Revaluation or is knowing procedure enough to get the mark?
Remember ISA is Auditing – IAS is Accounting.
See here re ISAs – https://opentuition.com/topic/isa-11/
Re IAS/IFRS – Where relevant to AA you will get the same marks for knowing the correct accounting treatment regardless of whether you quote a reference. That said – you are more likely to impress a marker for referencing a correct source.
Note that “The IAS that deals with revaluation states that revaluations must be carried out … ” does NOT impress the marker. So simply state “Revaluations must be carried out …”
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