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ACCA Strategic Professional · Advanced Audit and Assurance (International) · International regulatory frameworks for audit and assurance services

Kestrel Audit has a client in a jurisdiction that has not adopted ISAs and has its own national auditing standards. The auditor wishes to state in the audit report that the audit complied with ISAs. Which condition must be met for that statement to be appropriate?

The auditor may state compliance with ISAs only if the audit was conducted in accordance with all ISAs relevant to the audit. Partner IFAC membership, the client's listing status or regulator approval do not determine whether the statement is appropriate.

  1. AThe audit must have been conducted in accordance with all ISAs relevant to the audit, and the report must not claim compliance with ISAs if any relevant requirement was not metCorrect
  2. BThe national regulator must have approved the use of the ISA wording in writing
  3. CThe engagement partner must be a member of IFAC
  4. DThe client must be listed on an international stock exchange

Explanation

ISA 200 permits a statement of compliance with ISAs only where the auditor has complied with all ISAs relevant to the audit. Membership of IFAC, listing status or regulator approval are not conditions for the statement.

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