What is International Auditing Standards?
International Auditing Standards (ISAs) are the global professional standards issued by the IAASB that govern how external audits of financial statements are planned, executed, and reported.
How It Works
- Apply risk-based audit approach per ISA 315.
- Document evidence per ISA 230 and 500.
- Issue an audit opinion per ISA 700 and 705.
Saudi Context
SOCPA adopted ISAs for all statutory audits in Saudi Arabia, aligning local audit practice with global expectations and supporting cross-border investment under Vision 2030.
Example
A SOCPA-licensed firm auditing a Saudi listed company applies ISA 315 to assess risks of material misstatement and ISA 540 to test accounting estimates.