In what countries would one expect auditing standards to evolve based on the needs perceived by the auditing profession?

Question

Quizplus · Accepted Answer

Countries that follow common law tend to have auditing standards that evolve based on the needs perceived by the auditing profession, as opposed to being set by government regulators or statutory bodies. In contrast, code law countries would have auditing standards set by government regulators or statutory bodies, members of the European Union would have auditing standards set by both the auditing profession and government bodies, and countries with strong accounting laws may have auditing standards influenced by those laws but not necessarily solely evolving from the needs perceived by the auditing profession.

In What Countries Would One Expect Auditing Standards to Evolve