The application and other explanatory material explains more exactly what is meant by a requirement or is intended to cover, or includes examples of procedures that can be appropriate under certain circumstances. Application and other explanatory material.Requirements are always expressed by the phrase “the auditor shall.” Introductory material can include the purpose, scope, and subject matter of the ISA, as well as the responsibilities of the auditor and others in context in which the ISA is established.Įvery ISA consists of as clear statement about the objective of the auditor in the audit area addressed by that ISA.įor higher understanding of the ISAs, pertinent terms are delineated in each ISA.Įvery objective is shored up by clearly stated requirements. The key standards issued by the ISA include:Įvery ISA is structured in individual sections as: The auditor is obligatory to have knowledge about the whole text of an ISA, counting its application and other explanatory material, to be aware of the objectives and to apply the requirements aptly. The ISAs include requirements and objectives along with application and other explanatory material. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). International Standards on Auditing ( ISA) refer to professional standards dealing with the responsibilities of the independent auditor while conducting the financial audit of financial info. Introduction to International Standards on Auditing
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