When auditing a company under the Corporations Act (2001) compliance with Australian Auditing Standards (ASAs) is true in which of the following circumstances?

Question

When auditing a company under the  Corporations Act (2001)  compliance with Australian Auditing Standards (ASAs) is true in which of the following circumstances?

Accepted Answer

All company audits must comply with ASAs as required by s307A of the Corporations Act (2001)

Answer

Compliance with ASAs is recommended but not required, provided that the auditor can collect sufficient appropriate evidence to express the audit opinion required by s308(1) of the  Corporations Act (2001)

Answer

Compliance with ASAs is not mandatory under the  Corporations Act (2001)  but is required by the professional accounting bodies (CAANZ and CPAA) as a condition of membership

Answer

Compliance with ASAs is only required when auditing ASX listed companies

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When auditing a company under the Corporations Act (2001) compliance with Aust...

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