Q：Auditors are required to comply with the requirements of International Standards on Auditing in the conduct of an audit.
Which of the following statements is true in relation to International Standards on Auditing?
A. They only apply to the audit of companies listed on international stock exchanges.
B. They are issued by the International Accounting Standards Board.
C. They are structured to contain objectives, definitions, requirements, and other explanatory material.
D. They do not apply to the audit of small companies with a revenue of under $7.6m.
E. They are issued by the International Auditing and Assurance Standards Board.
A：The correct answer is: They are issued by the International Auditing and Assurance Standards Board; They are structured to contain objectives, definitions, requirements, and other explanatory material.
International Standards on Auditing apply to all audits where a 'true and fair' opinion is provided, regardless of the size of the audited entity and regardless of whether the company is listed.
The International Accounting Standards Board issues international accounting standards, not auditing standards.
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