International Auditing

Question 1

International Standards on Auditing (ISA)

Answer 1

• Created by the International Auditing and Assurance Standards Board (IAASB)
• For countries that do not have their own standards
• based on risk assessment approach

Question 2

International vs US Audit Standards

Answer 2

IAASB:

• No Internal Control audits
• No Referencing another Audit Firm
• Less detailed documentation
• Required: obtain written fraud assessment
• Required: location of auditor’s home office

Question 3

International Ethical Standards (IESAB)

Answer 3

Similar to AICPA
Sections
(A) All Accountants 
(B) Public Accountants
(C) Accountants in Business Environment