The Statements on Auditing Standards issued by the Auditing Standards Board:
A)are regarded as authoritative literature.
B)are the equivalent of laws for audit practitioners.
C)must be followed in all situations.
D)are optional guidelines which an auditor may choose to follow or not follow when conducting an audit.

Question

Quizplus · Accepted Answer

The Statements on Auditing Standards are regarded as authoritative literature and are expected to be followed by auditors in their practice. However, they are not equivalent to laws and there may be situations where an auditor may choose not to follow a particular standard, but they should have a valid reason for doing so.

The Statements on Auditing Standards Issued by the Auditing Standards