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Poland adopts International Standards on Auditing

27 April 2015
On 1st April 2015 Poland adopted the International Standards on Auditing (further referred to as the ISAs). The ISAs are global standards to be followed by statutory auditors in carrying out auditing services and similar activities.  Although the ISAs directly apply to statutory auditors, their implementation is also going to benefit entrepreneurs. Auditors who follow the ISAs should focus on understanding the organization, address significant risks threatening the enterprise and assess their impact on the financial statement. An audit should therefore serve organizations in identifying weaknesses with the help of an independent advisor who may see the business with new eyes.