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Hi there,
I was wondering whether we are required to know the gist(general meaning) of all ISAs.
I found a site (https://www.iaasb.org/clarity-center/clarified-standards)which has 30-35 ISAs, and was not sure whether they are part of the syllabus, and would thus have to go through them when studying the relevant chapters.
Thanks for you help.
Kind Regards,
Yiannis
I recommend that you post technical questions like this to the tutor forum so they are properly answered on a timely basis.
The clarified standards date back to 2012 and some have already been superceded. Bear in mind that not all are examinable and even those that are, are only examinable to the extent that they are relevant to the syllabus. You will get the gist of the relevant standards from study notes, lectures, the revision kit, etc.
If, however, you want the ISAs for reference you can download Volume I from here https://www.ifac.org/publications-resources/2018-handbook-international-quality-control-auditing-review-other-assurance. It’s free (requires registration) – part of Volume II is also relevant to AAA. If you’re thinking you might be interested in AAA, I think the ISAs are a useful reference, so maybe you want to start familiarising yourself with them now.
Although as a text it looks quite intimidating, the way to read each relevant ISA is to read its objective (is generally short), make sure you’re familiar with the definitions, and then read the “requirements” section – this may be only a couple of page. Where the requirements are quite extensive you can get the most of the gist from reading the first para of each requirement. The rest is “application and other explanatory material” – it’s all referenced to the requirements, so if there’s anything in the requirements that grabs you and you want to know more (!) it’s easy to find.
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