... apply to all UK audits regardless of size. ISA's have done a great deal to improve, harmonise and create convergence in financial reporting standards globally and have come a long way since the start of their development in the late 1970's. They began as guidelines under the harmonisation process of IFAC and its member bodies. The International Auditing Practices Committee has been charged with the responsibilities to enhance and expand the worldwide use of auditing standards with the main objective being to improve the quality and uniformity of international practice. WHY ISA'S HAVE BEEN ADOPTED IN THE UK AND WHY THEY ARE DIFFERENT TO THOSE IN THE REST OF EUROPE. ISA's have been adopted in the UK for several reasons. One reason is that ISA's have been used as a basis for national auditing requirements in many countries. The worldwide accountancy profession, together with preparers, users, regulators, and other bodies, have ...

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