ACCA AA Syllabus A. Audit Framework And Regulation - The relationship between ISAs and national standards - Notes ^{8 / 8}

ISAs V Local Legislation

1. IFAC is not able to enforce its standards.

2. It is up to individual countries to implement the standards if they deem it appropriate.

3. National Regulatory bodies will be charged with enforcing implementation of auditing standards, enforce quality control of audit and inspect audit files.

4. Countries may do this by allowing the accountancy profession to implement the above, or set up an independent authority to do it.

5. Countries also have the choice to set their own standards of implement or modify ISAs’ to suit their needs.