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?
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Past Year Question - ISA
11y ago#1A 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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