Findings contained in the inspection reports may relate to a number of ISAs or other requirements, all of which would not be disclosed in the report. Reports will however note whether a particular requirement comes from auditing standards, legislation or firm’s own policies and procedures and this information will be considered in the rating process.
Where a requirement is listed in more than one source, IAASA will reference the source highest on the following hierarchy:-
2. Auditing standards
3. Firm policy