Auditing standards (ASAs):
A) are issued by the AUASB.
B) establish mandatory requirements.
C) have the 'force of law' under the Corporations Act 2001.
D) all of the above

Question

Quizplus · Accepted Answer

ASAs are auditing standards that are issued by the AUASB (Australian Auditing and Assurance Standards Board). They establish mandatory requirements for how audits are performed in Australia. These standards do not have the 'force of law' under the Corporations Act 2001, but they are considered essential in ensuring the auditor can issue an opinion on the financial statements with reasonable assurance.

Auditing Standards (ASAs)