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Past Year Question – ISA

This topic has 1 reply, 2 voices, and was last updated 9 years ago by Ken Garrett.

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October 6, 2015 at 5:06 am #275112
hayley47
Member
- Topics: 6
- Replies: 2
Which of the following statements, relating to International Standards on Auditing (ISAs), if any, is/are correct?
(1) International Standards on Auditing (ISAs) are issued by the International Accounting Standards Board (IASB)
and provide guidance on the performance and conduct of an audit
(2) In the event that ISAs differ from local legislation in a specific country, auditors must comply with the
requirements of the ISAs
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2
I choose A, but the answer is D. ISA is not a guide for us to do audit?
October 6, 2015 at 7:45 am #275127
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10538
A ISAs are issued by International Auditing and Assurance Standards Board (IAASB).
B ISAs cannot overrule local legislation – if you don’t follow local legislation you could end up in prison.
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