CMA Intermediate · Corporate Accounting and Auditing · Brief Introduction to Auditing Standards
Which Standard on Auditing establishes the independent auditor's overall responsibilities when conducting an audit of financial statements in accordance with SAs, including the overall objectives of the auditor and the obligation to comply with the SAs?
SA 200 is the Standard that establishes the independent auditor's overall responsibilities in an audit of financial statements. It sets out the overall objectives, explains the nature and scope of an audit, and requires compliance with the SAs in every audit.
- ASA 200Correct
- BSA 220
- CSA 230
- DSQC 1
Explanation
SA 200 sets out the overall objectives of the independent auditor and explains the nature and scope of an audit. It also contains the general responsibilities applicable in all audits, including the obligation to comply with the SAs. SA 220 deals with quality control for an audit of financial statements, and SQC 1 deals with quality control at firm level.
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