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CMA Intermediate · Corporate Accounting and Auditing · Brief Introduction to Auditing Standards

Which statement best describes how SA 200 characterises the SAs taken together?

Taken together, the SAs provide the standards for the auditor's work in meeting the auditor's overall objectives. They cover the auditor's general responsibilities as well as further considerations on applying those responsibilities to specific topics.

  1. AThey deal only with specific topics and leave general auditor responsibilities to law
  2. BThey provide the standards for the auditor's work in fulfilling the auditor's overall objectives, covering general responsibilities and further considerations for specific topicsCorrect
  3. CThey apply only to listed companies and not to smaller entities
  4. DThey are guidance only and do not set standards for the auditor's work

Explanation

SA 200 states that the SAs, taken together, provide the standards for the auditor's work in fulfilling the overall objectives. They deal with general responsibilities and with further considerations in applying those responsibilities to specific topics. The option limiting them to specific topics omits the general responsibilities.

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