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Dear Sir, do we have to memorise (and thus write down) the names of ALL ISAs in the paper? I doubt this is strictly necessary. Unfortunately I’ve been told that it’s a must. Isn’t it enough to write down the ISA number (or just mention ‘The ISAs dictate…’ to scrape by with)?
No, no – you must remember all the ISAs, IFRSs, IASs, EDs, all the numbers and their correct full titles, all the Companies Acts, their years and section numbers
What do you think this exam is all about?
It’s a memory test to see if you are able to retain in your mind a mass of totally useless information
This isn’t an audit and assurance exam to test your ability to read scenaria, identify problems and come up with recommendations. No! This is an exam to see that you are professional and mature enough to be able to identify that ISA 540 has the full title “Auditing Accounting Estimates, Including Fair Value Accounting – Estimates, and Related Disclosures”
Now the truth!
Whoever told you “Unfortunately I’ve been told that it’s a must” should be referred to a psychiatrist
Let me say AGAIN – there are NO MARKS for quoting ISA, IAS, IFRS …. names nor numbers
Clearly you must know the content of these documents and be able to apply their requirements in an exam answer
If you feel that you really must identify that ISAs underlie your answer then, yes, it is enough to write something like “According to the International Standards on Auditing (ISAs) …”
OK?
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