INTERNATIONAL AUDITING STANDARDS UPDATE

Members are being reminded that effective July 1, 2002, the ICAJ formally adopted the use of International Standards on Auditing (ISA). This means that for any audit engagement commencing on or after July 1, 2002 the work should be carried out using ISA and any audit report issued for these engagements should state, inter alia, “We/I conducted our/my audit in accordance with International Standards on Auditing. “

Members are also reminded that prior to July 1, 2002, only five ISA were not adopted by ICAJ (Numbers 100, 240A, 260,402 and 505). As such, if these standards are complied with, in addition to our local standards, irrespective of when an audit commenced, a member may state in the audit report that the audit was carried out in accordance with ISA. 

Members can obtain ISA through the ICAJ Secretariat at icaj@cwjamaica.com

Watch for more in our next newsletter!



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