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 are the ones where auditing standards are expected to evolve based on the needs perceived by the auditing profession. This is because common law countries rely heavily on case law and judicial interpretation, which allows room for auditors to develop standards in response to the changing needs of the profession. In contrast, code law countries have more prescriptive legal frameworks that may limit the ability of auditors to influence the development of auditing standards, while membership in the European Union or having strong accounting laws may not necessarily correlate with the evolution of auditing standards based on the needs perceived by the profession.

In What Countries Would One Expect Auditing Standards to Evolve