International auditing standards

International auditing standards

Question:

Which companies use International Auditing Standards? Normative. Thanks in advance.

Answer :

Hello,

International Auditing Standards (ISAs) are used by auditors and audit firms to conduct business audits and financial statements of companies in connection with their international activities. ISA differs from IAS (International Accounting Standards) under which a number of Bulgarian companies and companies have the obligation to keep their accounts accountable.
International Accounting Standards (IAS) are mandatory to apply by the following groups of enterprises - enterprises that are issuers within the meaning of the Public Offering of Securities Act, credit institutions, insurance companies, investment companies, supplementary social insurance companies and the funds managed by them; .nar. large enterprises, enterprises that do not meet the criteria for small and medium of accounting law. IASs are applied by small and medium-sized enterprises that have chosen them as their own basis when compiling their financial statements. Basis normative documents for businesses implementing IAS are Regulation 1606 of 2002 and also Regulation 1725 of 2003 and a number of subsequent regulations which introduce amendments in the latter. All of them, if desired, can be found on the official EU e-mail address: www.europe.eu The term IAS in Bulgaria entered on 1.1.2007 in place of the term "International Financial Reporting Standards". IASs include IAS, IFRSs and interpretations for their application, as well as subsequent amendments to those standards. IAS are absolutely mandatory under Regulation 1606 of 2002 for all companies in the community whose securities are admitted to trading on a regulated securities market.

Greetings.