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Volume :9 Issue : 1 2002      Add To Cart                                                                    Download

Are International Standards on Auditing Ready for Adoption at the National Level?

Auther : Mostafa Ahmed El-Shamy

The main objective of this study is to investigate whether International Standards on Auditing (ISA) are ready for implementation worldwide. The study indicates that the great efforts by the International Auditing Practice Committee (IAPC) have lead to a growing acceptance and adoption of ISA by a number of large international accounting firms as well as numbers of countries. The study indicates also that although ISA covers most of the requirements of the Generally Accepted Auditing Standards (GAAS), there are some inconsistencies and limitations on its scope. There are some limitations on its coverage of some important topics such as auditor’s independence, the auditor’s responsibilities when there is a question about the entity’s ability to continue as a going concern, the auditor’s responsibilities for detection of fraud, auditing in a computerized environment, and auditor’s reports. The study concludes that national accountancy bodies and regulators should not depend solely on ISA while developing their own national auditing standards.

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