Auditors following ISA are subject to 10 requirements related to auditor behavior and to conducting audits in accordance with the International Standards, as listed in Table 9.3. ISA guidance requires auditors who cannot satisfy these objectives to refuse to render an opinion or to withdraw from the audit engagement.
#Who establishes generally accepted auditing standards free#
Under ISA, an auditor’s overarching objectives are first “to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,” and second, “to report on the financial statements, and communicate as required by the ISAs, in accordance with the auditor’s findings”. IAASB specifies the core objectives and requirements for auditors complying with International Standards on Auditing in ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. Numerous ISA documents provide additional objectives and requirements related to various aspects of performing audits which should apply to an auditor seeking to comply with the ISA when conducting any type of audit.
Much like the GAAS, the directives in the ISA apply to the individual auditors that conduct audits, rather than to the organizations the auditors represent or that are the subject of an audit. International Standards on Auditing (ISA), developed by the independent International Auditing and Assurance Standards Board (IAASB) under the authority of the International Federation of Accountants (IFAC), specify auditor objectives and responsibilities related to conducting financial audits.
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