Auditing & Assurance › ISA Standards
How do ISAs relate to national auditing standards like US GAAS or PCAOB standards?
AdvancedAnswer
ISAs are international; many countries adopt them (sometimes with modifications) as national standards. In the US, private-company audits follow AICPA GAAS (closely aligned with ISAs via the Clarity/convergence project), while public-company audits follow PCAOB standards, which differ in areas like reporting and independence. Auditors apply the framework required in their jurisdiction/engagement.
Real-world example A US firm applies PCAOB standards for an SEC registrant but ISA-aligned GAAS for a private client's audit.