International Auditing Standards

Question 1

The IAASB

Answer 1

produces international auditing standards

Question 2

threats to the fundamental principles contained in the IFAC Code of Ethics’ conceptual framework include

Answer 2

familiarity threat,
self-interest threat
intimidation threat

Question 3

Auditing standards in the United States now allow an auditor to perform an audit of financial statements of the U.S. in accordance with

Answer 3

Generally Accepted Auditing Standards and International Standards on Auditing.

The scope paragraph is then modified to indicate that the audit was conducted in accordance with both generally accepted auditing standards in the U.S. and the ISAs.

Question 4

Under the IFAC Code of Ethics,

Answer 4

a PAB must consider safeguards to threats to the fundamental principles that should be upheld by accountants.

Question 5

Professional Accountant in Business (PABs)

Answer 5

have a duty to report accurately and they can only further a firm’s legitimate interests under the IFAC Code