Which of the following is not true?
A)Australian Auditing Standards (ASAs)are legally binding auditing standards.
B)Australian Auditing Standards (ASAs)are issued by the Australian Auditing and Assurance Standards Board.
C)Australian Auditing Standards (ASAs)set out audit requirements for listed companies under the Corporations Act
D)Australian Auditing Standards (ASAs)are legally enforceable legislative instruments.

Question

Quizplus · Accepted Answer

While Australian Auditing Standards (ASAs) do provide guidance on the audit requirements for listed companies under the Corporations Act, they also apply to other types of entities and audits. Therefore, it is not entirely accurate to say that the ASAs only set out audit requirements for listed companies.

Which of the Following Is Not True