Which of the following statements is correct?
A)The Australian Securities and Investments Commission is a member of the International Forum of Independent Audit Regulators.
B)International auditing standards are mandatory for all auditors.
C)The Financial Reporting Council is a member of the International Federation of Accountants.
D)Membership of the International Auditing and Assurance Standards Board is restricted to members of the Forum of Firms.

Question

Quizplus · Accepted Answer

The Australian Securities and Investments Commission is a member of the International Forum of Independent Audit Regulators.

Answer: B
 International auditing standards are mandatory for all auditors. However, countries may have their own additional requirements on top of the international standards.

Answer: C
 The Financial Reporting Council is a member of the International Federation of Accountants.

Answer: D
 Membership of the International Auditing and Assurance Standards Board is not restricted to members of the Forum of Firms. However, members of the Board are required to have qualifications or experience in the field of auditing or related areas.

Which of the Following Statements Is Correct