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Hi sir, it’s stated in my textbook that ” ISAs are written in the context of an audit of the financial statements but can be applied to the audit of other historical information.”
This means that ISA(s) can be applied to both the audit of financial statements and audit of other historical information right ?
For December 2010 Exam paper, for question 2b, they have asked to “Explain the status of International Standards on Auditing”
I don’t understand what the question is trying to ask. What does it mean by the status of the ISA ?
First question. Yes
Second question. Who creates them, what they are for, who must comply, what might happen if not followed.
Okay. Then in the December 2010 exam, question 2b) , in the answer key, it is stated that ” ISAs only apply to the audit of historical financial information ” .
Why is this so? Or is it supposed to mean that other than the audit of financial statements, ISAs can only be applied to the audit of historical financial information ?
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